Annual Report 2023
The 2023 Fiscal Year at a Glance
1,204.0 mn
EBITDA
EBITDA above 2019 level due to
positive traffic development and
higher charges.
430.5 mn
Group result
Earnings improvement driven by
international business; Frankfurt Airport
also makes a significant contribution.
– 656.4 mn
Free Cash Flow
Slightly improved but due to
continuing expansion measures
still negative.
18,057
158,065 m. t. CO2
Number of employees as of December 31
Lower headcount due to change in
consolidation of the Group company
FraSec Aviation Security GmbH.
CO2 emissions
Implementation of the measures from the
decarbonization master plan is having an impact
as traffic volumes increase.
59,355,389
Passengers at FRA
Passenger volume above previous
year and around 16% below
2019 level.
Financial performance indicators
Revenue (€ million)
Revenue adjusted for IFRIC 12 (€ million)
EBITDA (€ million)
Group result (€ million)
Earnings per share (basic) (€)
Dividend per share (€)1)
Free cash flow (€ million)
Total assets (€ million)
Shareholders’ equity ratio (%)
Group liquidity (€ million)
Net financial debt (€ million)
Net financial debt to EBITDA
EBITDA margin (%)
ROFRA (%)
Gearing ratio (%)
1) No dividend proposed.
Non-financial performance indicators
Number of employees as at 31.12.
Average number of employees
Global satisfaction of passengers (Group) (%)
Employee satisfaction (Group)
Women in management positions (Germany) (%)
Women in management positions (Germany) (%)
Sickness rate (Germany) (%)
2023
4,000.5
3,485.1
1,204.0
430.5
4.26
0.00
– 656.4
18,890.9
22.9
4,041.3
7,712.6
6.4
30.1
6.6
178.6
2023
18,057
17,840
74
4.76 1)
24.4
33.9
8.7
2022
Change
Change in %
3,194.4
2,863.3
1,029.8
166.6
1.43
0.00
– 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
9.9
+ 806.1
+ 621.8
+ 174.2
+ 263.9
+ 2.8
0.0
+ 84.6
+ 1,283.3
+ 0.7 PP
+ 174.4
+ 653.9
– 0.5
– 2.1 PP
+ 0.6 PP
– 2.0 PP
+ 25.2
+ 21.7
+ 16.9
> 100
> 100
–
+ 11.4
+ 7.3
–
+ 4.5
+ 9.3
–
–
–
–
Change
Change in %
– 1,154
– 1,010
– 6.0 PP
–
+ 1.3 PP
+ 2.3 PP
– 1.2 PP
– 2,424
– 6.0
– 5.4
–
–
–
–
–
– 1.5
CO2 emissions (Group) (Sum of scope 1 and 2) (t)
158,065
160,489 2)
1) 2022 values. No data collection in 2023. 2) Due to subsequent verifications 2022 number changed.
02
To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther InformationFraport Annual Report 2023Fraport Annual Report 2023To Our ShareholdersCombined Management ReportConsolidated Financials 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 2023
To Our Shareholders
Letter from the CEO
07
10 The Fraport Executive Board
12 Report of the Supervisory Board
19
34 Share and Investor Relations
Joint Statement on Corporate Governance
Combined Management Report
for the 2023 Fiscal Year
41 Situation of the Group
62 Economic Report
84 Combined non-financial Statement
115
Supplementary Management Report on the
Separate Financial Statements of Fraport AG
117 Events after the Balance Sheet Date
118 Risk and Opportunities Report
132 Outlook Report
Consolidated Financial Statements
for the 2023 Fiscal Year
138 Consolidated Income Statement
139 Consolidated Statement of Comprehensive Income
140 Consolidated Statement of Financial Position
141 Consolidated Statement of Cash Flows
142 Consolidated Statement of Changes in Equity
Group Notes
for the 2023 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
171
179 Notes to the Consolidated Financial Position
205 Notes to the Segment Reporting
207
209 Other Disclosures
Notes to the Consolidated Statement of Cash Flows
Further Information
Independent Auditor´s Report
Independent Practitioner’s Report
238 Responsibility Statement
239
247
250 Ten-Year Overview
252 Glossary
255
255 Traffic Calendar 2024
255
Financial Calendar 2024
Imprint
03
To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther InformationFraport Annual Report 2023Fraport Annual Report 2023To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther Information Fraport Annual Report 2023
To Our Shareholders
Combined Management Report
Consolidated Financials Statements
Group Notes
Further Information
The year 2023 …
… was characterized by a further increase in traffic volume, which was
dominated in particular by leisure travelers. Fraport Group EBITDA
exceeded the 2019 figure for the first time in the 3rd quarter, despite
lower passenger volume at the Frankfurt site. With growth rates above
the 2019 level, Fraport Greece remained at the top of the Group sites.
The number of passengers in Antalya was also above the pre-crisis
sommerreisewelle level.
Online version:
wwww.annual-report.fraport.com
1st QUARTER
• Positive traffic development
• Two strike days in Frankfurt
only slightly dampened
development
• Intensive preparations
for the summer travel wave
Lima Airport: Takeover of apron control
with German Air Traffic Control
The operation of apron control at Lima Airport was awarded
to the subsidiary of Deutsche Flugsicherung DFS Aviation
Services (DFS). Following the commissioning of the new
terminal at the end of 2024, apron control will be managed
using state-of-the-art camera technology for the first time
in South America. This is an important milestone on the
way to turning the Peruvian capital´s airport into one of the
most modern hubs on the continent.
R
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2
Further Power Purchase Agreement
concluded
A new Power Purchase Agreement (PPA) with the European
energy provider Centrica Energy Trading A/S supplies the
Frankfurt Airport hub with additional wind energy. The contract
provides for the supply of a total annual wind power volume
of around 63 gigawatt hours. This corresponds to an output
of 22 megawatts. The energy comes from newly constructed
onshore turbines near Bremerhaven. From July, four wind
turbines will be operating there just for Fraport´s needs.
The contract is set initially for five years.
New baggage drop-off machines
in Terminal 1
Lufthansa Group passengers in Frankfurt can now use
21 state-of-the-art check-in counters inside the Terminal 1.
With the automated bag drop function passengers can
check in their baggage themselves. The new check-in
counters provide passengers with a comfortable, modern
and efficient travel experience. The use of state-of-the-
art technology optimizes the processes during baggage
check-in.
Half-time for airport expansion
in Antalya
Together with the joint venture partner TAV,
Fraport is expanding the terminal areas at
Antalya Airport with the long-term goal to
double capacity. In addition the apron areas
are being expanded and new parking spaces
for several thousand vehicles are created. At
the beginning of 2025, Fraport will take the
first construction phase into operation.
R
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04
Fraport Annual Report 2023
Takeover
of aviation
security
At the turn of the year, Fraport took over control of the management
of the aviation security checks at Frankfurt Airport. In addition to
the takeover of the existing infrastructure of the Federal Police
new control infrastructure was procured at the same time.
This includes new CT scanners, which facilitate and speed up
the passenger process.
Rethinking the world of work
at Fraport: Start for HRneo
HRneo is the largest development program
in Human resources in recent years. Its aim
is to modernize the HR department and
further increase Fraport´s attractiveness as
an employer.
• Start of the summer travel wave
• For the first time since the corona-
virus pandemic again more than
200,000 passengers in one day in
Frankfurt
• Regular operations in the first half
of the year
• Greek airports still clearly above
traffic volume of 2019
Second runway in Lima
opened
With the take-off of the first commercial flight on
April 3, the new runway at Lima´s international airport
“Jorge Chávez” International Airport in Lima and the
new airport control tower were inaugurated. This
makes Fraport´s airport the first in Peru to have two
runways. The utilization of the new runway and the
tower will be successively increased until they are fully
operational with the completion of the new Terminal
at the end of 2024.
3rd QUARTER
• Sustained high passenger demand
• Frankfurt at 82 percent of
pre-crisis level
• Thanks to the use of additional
CT scanners improved waiting times
for security
• Antalya exceeds the 2019 level
• Traffic volume in Frankfurt
at around 14 million and
thus only ten percent
below pre-crisis level
• International airports
partly above pre-crisis
level
Fraport USA wins center management
concessions for two additional airports
Fraport USA has successfully competed for the center
management concessions at Washington Dulles International
Airport (IAD) and Ronald Reagan Washington National
Airport (DCA). The contract begins in January 2024 and
has a term of ten years. On behalf of the local airport
authority MWAA, Fraport USA will manage the retail and
restaurant space at the two Washington airports and
develop them further.
05
Fraport Annual Report 2023
To Our Shareholders / Report of the Supervisory Board
Fraport Annual Report 2023
To Our Shareholders / Report of the Supervisory Board
1
1
Letter from the CEO
Letter from the CEO
I am pleased to present our Annual Report for 2023.
I am pleased to present our Annual Report for 2023.
A challenging yet good fiscal year lies behind us. We
have taken important steps to put your company in a
successful position, both now and in the future. For the
A challenging yet good fiscal year lies behind us. We
first time since the COVID-19 pandemic, our key operat-
have taken important steps to put your company in a
ing earnings indicator EBITDA is now higher than it was
successful position, both now and in the future. For the
before the crisis, having reached a new high of
first time since the COVID-19 pandemic, our key operat-
1,204 million Euros. This improvement in our earnings
ing earnings indicator EBITDA is now higher than it was
was driven by international business, and our Frankfurt
before the crisis, having reached a new high of
site played a considerable part in it too.
1,204 million Euros. This improvement in our earnings
was driven by international business, and our Frankfurt
As in previous years, we have seen very dynamic traffic
site played a considerable part in it too.
development in the past fiscal year. At the start of the
fiscal year we were welcoming as few as 3.5 million pas-
As in previous years, we have seen very dynamic traffic
sengers to Frankfurt each month – but by the middle of
development in the past fiscal year. At the start of the
the year this figure had risen to 6 million passengers. We
fiscal year we were welcoming as few as 3.5 million pas-
also recorded very positive development overall at our
sengers to Frankfurt each month – but by the middle of
international airports. Special mention should of course
the year this figure had risen to 6 million passengers. We
be made here of our sites in Greece and Antalya, which
also recorded very positive development overall at our
are already operating either at or above pre-crisis levels.
international airports. Special mention should of course
I am proud of our operational teams both in Frankfurt and
be made here of our sites in Greece and Antalya, which
internationally who have successfully managed this
are already operating either at or above pre-crisis levels.
strong traffic growth over the last few years, with stable
I am proud of our operational teams both in Frankfurt and
operations overall and in many cases high customer
internationally who have successfully managed this
satisfaction levels across the board.
strong traffic growth over the last few years, with stable
operations overall and in many cases high customer
satisfaction levels across the board.
Thank you to our teams who
have skillfully handled this
Thank you to our teams who
dynamic traffic development.
have skillfully handled this
dynamic traffic development.
Security checks at
FRA enable fast checks
Since 1 January 2023, Fraport has been responsible for the organization,
management and implementation of aviation security checks at Frankfurt
Airport. This also includes the procurement of the checkpoint infrastructure
as well as testing new technology and optimizing processes in cooperation
with the German Federal Police.
Also since the beginning of the year, state-of-the-art computer tomography
scanners (CT scanners) have been in use at selected aviation security lanes.
More of these devices are gradually being put into operation. For passengers,
the process of going through the security checkpoint will be considerably
simplified. At the new security checkpoints, liquids, smartphones and
other electronic devices can remain in hand luggage. In addition, different
materials and objects are reliably and quickly differentiated. This efficient
technology significantly reduces waiting times at the checkpoints.
Successes were already evident during the summer travel wave, with
over 200,000 passengers per day.
To Our Shareholders
07
10
12
19
Letter from the CEO
The Fraport Executive Board
Report of the Supervisory Board
Joint Statement on Corporate
Governance
34
Share and Investor Relations
06
A particularly important milestone in improving operational performance in Frankfurt was taking over aviation security checks at
the beginning of the fiscal year, in conjunction with using new CT scanners for the first time. I would like to take this opportunity
to thank the German Federal Ministry of the Interior and Federal Police for their trustful collaboration, which made it possible for
A particularly important milestone in improving operational performance in Frankfurt was taking over aviation security checks at
us to take over operations in the first place.
the beginning of the fiscal year, in conjunction with using new CT scanners for the first time. I would like to take this opportunity
to thank the German Federal Ministry of the Interior and Federal Police for their trustful collaboration, which made it possible for
us to take over operations in the first place.
To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther InformationFraport Annual Report 2023
Fraport Annual Report 2023
To Our Shareholders / Report of the Supervisory Board
Fraport Annual Report 2023
Fraport Annual Report 2023
To Our Shareholders / Report of the Supervisory Board
To Our Shareholders / Report of the Supervisory Board
1
1
1
Letter from the CEO
Letter from the CEO
Letter from the CEO
I am pleased to present our Annual Report for 2023.
I am pleased to present our Annual Report for 2023.
I am pleased to present our Annual Report for 2023.
A challenging yet good fiscal year lies behind us. We
have taken important steps to put your company in a
successful position, both now and in the future. For the
A challenging yet good fiscal year lies behind us. We
A challenging yet good fiscal year lies behind us. We
first time since the COVID-19 pandemic, our key operat-
have taken important steps to put your company in a
have taken important steps to put your company in a
ing earnings indicator EBITDA is now higher than it was
successful position, both now and in the future. For the
successful position, both now and in the future. For the
before the crisis, having reached a new high of
first time since the COVID-19 pandemic, our key operat-
first time since the COVID-19 pandemic, our key operat-
1,204 million Euros. This improvement in our earnings
ing earnings indicator EBITDA is now higher than it was
ing earnings indicator EBITDA is now higher than it was
was driven by international business, and our Frankfurt
before the crisis, having reached a new high of
before the crisis, having reached a new high of
site played a considerable part in it too.
1,204 million Euros. This improvement in our earnings
1,204 million Euros. This improvement in our earnings
was driven by international business, and our Frankfurt
was driven by international business, and our Frankfurt
As in previous years, we have seen very dynamic traffic
site played a considerable part in it too.
site played a considerable part in it too.
development in the past fiscal year. At the start of the
fiscal year we were welcoming as few as 3.5 million pas-
As in previous years, we have seen very dynamic traffic
As in previous years, we have seen very dynamic traffic
sengers to Frankfurt each month – but by the middle of
development in the past fiscal year. At the start of the
development in the past fiscal year. At the start of the
the year this figure had risen to 6 million passengers. We
fiscal year we were welcoming as few as 3.5 million pas-
fiscal year we were welcoming as few as 3.5 million pas-
also recorded very positive development overall at our
sengers to Frankfurt each month – but by the middle of
sengers to Frankfurt each month – but by the middle of
international airports. Special mention should of course
the year this figure had risen to 6 million passengers. We
the year this figure had risen to 6 million passengers. We
be made here of our sites in Greece and Antalya, which
also recorded very positive development overall at our
also recorded very positive development overall at our
are already operating either at or above pre-crisis levels.
international airports. Special mention should of course
international airports. Special mention should of course
I am proud of our operational teams both in Frankfurt and
be made here of our sites in Greece and Antalya, which
be made here of our sites in Greece and Antalya, which
internationally who have successfully managed this
are already operating either at or above pre-crisis levels.
are already operating either at or above pre-crisis levels.
strong traffic growth over the last few years, with stable
I am proud of our operational teams both in Frankfurt and
I am proud of our operational teams both in Frankfurt and
operations overall and in many cases high customer
internationally who have successfully managed this
internationally who have successfully managed this
satisfaction levels across the board.
strong traffic growth over the last few years, with stable
strong traffic growth over the last few years, with stable
operations overall and in many cases high customer
operations overall and in many cases high customer
satisfaction levels across the board.
satisfaction levels across the board.
Thank you to our teams who
have skillfully handled this
Thank you to our teams who
Thank you to our teams who
dynamic traffic development.
have skillfully handled this
have skillfully handled this
dynamic traffic development.
dynamic traffic development.
A particularly important milestone in improving operational performance in Frankfurt was taking over aviation security checks at
the beginning of the fiscal year, in conjunction with using new CT scanners for the first time. I would like to take this opportunity
to thank the German Federal Ministry of the Interior and Federal Police for their trustful collaboration, which made it possible for
A particularly important milestone in improving operational performance in Frankfurt was taking over aviation security checks at
us to take over operations in the first place.
the beginning of the fiscal year, in conjunction with using new CT scanners for the first time. I would like to take this opportunity
to thank the German Federal Ministry of the Interior and Federal Police for their trustful collaboration, which made it possible for
us to take over operations in the first place.
A particularly important milestone in improving operational performance in Frankfurt was taking over aviation security checks at
the beginning of the fiscal year, in conjunction with using new CT scanners for the first time. I would like to take this opportunity
to thank the German Federal Ministry of the Interior and Federal Police for their trustful collaboration, which made it possible for
us to take over operations in the first place.
07
Fraport Annual Report 2023To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther Information
2
To Our Shareholders / Report of the Supervisory Board
Fraport Annual Report 2023
Dear Shareholders, in the past year we also saw important progress in the field of sustainability. With ReFuelEU Aviation, the
European Union has adopted a new legal act that will make the European aviation market “cleaner” in the long term. The core
concept of ReFuelEU Aviation is to enforce binding minimum thresholds for the use of sustainable aviation fuels, which will
gradually increase from 2025 onwards.
At company level, we have rolled out our decarbonization master plan to our significant, fully consolidated company sites and
have now created a Group-wide program of measures to achieve carbon freedom by 2045. In Frankfurt, I am delighted to report
that you will see another “visible” sign of our sustainability activities by the end of the year: Runway West will have a 2.8-kilometer-
long photovoltaic system running along it, which we submitted an application to build last year.
Your company is celebrating another special event this year too: 100 years of air transport in Frankfurt. Starting out as
Südwestdeutsche Luftverkehrs-AG at the “airfield” in Rebstock, the Fraport you know today has grown into one of the world’s
leading international air traffic groups. You can track this evolution in our new photo book “100 Jahre Flughafen-Geschichte in
Frankfurt” (100 Years of Airport History in Frankfurt), which was published at the start of the year. It is precisely this DNA that
makes us unique and that we need more than ever today: “develop together,” “don’t stand still,” or simply “shape the future
together.” With our strategy Fraport.2030, we are rising to our challenges and focusing our responses on the strategic priorities
of “growth and sustainability,” “efficiency and innovation,” and “employer of choice” – with the firm conviction that we will only
achieve success in these areas if we work together. We believe that the various changes and challenges we are facing – take for
example the catchwords demographic change and artificial intelligence – also offer exciting opportunities that we want to
actively seize for the benefit of your company.
We are in a good position to achieve this: With the projects we have initiated such as Terminal 3, the modernization of
Terminals 1 and 2 in Frankfurt, a multitude of development projects outside Germany, and HRneo, not to mention numerous
innovation projects, we believe that we have taken the right steps to position your company successfully in the competitive market.
Our new slogan “Connecting the world with tomorrow” clearly expresses our corporate mission: Fraport creates connections.
We connect passengers and business models, we foster Group-wide and therefore international collaboration within our work-
force, and we consistently focus on the future.
Thanks to this strategically attractive setup, the expected traffic growth, the projects being imple-
mented, and the great dedication of our employees, we are confident that we will achieve the finan-
cial targets we have set with Fraport.2030 too: EBITDA of 2 billion Euros and free cash flow of
1 billion Euros in 2030.
Fraport creates
connections.
We are already taking steps in this direction in the current year: With EBITDA of between approximately 1.26 and 1.36 billion
Euros, we expect to achieve a new record result. The Group result is also set to rise strongly to around 435 to 530 million Euros.
In operational terms, we predict that Frankfurt will see passenger numbers grow to between around 61 and 65 million passengers.
With the completion of the first phase of the Lima terminal construction, we are also getting closer to concluding our major expan-
sion activities. The sizeable investment measures that are still ongoing, however, mean that we expect further significant negative
free cash flow for 2024 until the investment volume declines from 2025 onwards.
08
To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther InformationFraport Annual Report 2023
Fraport Annual Report 2023
To Our Shareholders / Report of the Supervisory Board
3
As Fraport is particularly affected by the consequences of the COVID-19 pandemic and at the same time continues to invest
heavily in the expansion of its capacities, the Supervisory Board and the Executive Board have decided against proposing a
dividend for the past fiscal year to the 2024 Annual General Meeting and plan to allocate the profit earmarked for distribution to
revenue reserves instead.
Dear shareholders, your company is in an excellent position to cope with changing market conditions. We are pleased to have
finally left the coronavirus pandemic behind after three years. For this reason, the Supervisory Board and the Executive Board
have decided to hold this year’s Annual General Meeting in person again. I therefore look forward to welcoming you personally
to the Sheraton Hotel at Frankfurt Airport on May 28, 2024. You will receive an official invitation in April.
Thank you for your confidence in us, I am looking forward to the future of your company.
Sincerely yours,
Stefan Schulte
09
Fraport Annual Report 2023To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther Information
The Fraport
Executive Board
“People's desire to travel is unbroken,
the airport is and remains a fascination.
Our employees are our asset. That is
what makes our airport what it is.”
Dr. Stefan Schulte
Chairman of the Executive Board
Born in 1960
Appointed until August 31, 2027
“ Our strength lies in the diversity and inno-
vative strength of our employees. Fraport is
a world of opportunities – together we not
only create jobs, but also space for personal
and professional growth.”
Julia Kranenberg
Executive Director Labor Relations
Born in 1971
Appointed until November 30, 2025
“We have to bring our investment
projects to a successful conclusion. We will
continue to invest in the future, wherever we
can generate an appropriate return.”
10
To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther InformationFraport Annual Report 2023 “ We take our customers, i.e.airlines and
passengers, equally in the focus.”
Anke Giesen
Executive Director Retail and Real Estate
Born in 1963
Appointed until December 31, 2025
Dr. Pierre Dominique Prümm
Executive Director Aviation and Infrastructure
Born in 1973
Appointed until July 31, 2029
“ The strategic projects are continuing.
We are facing major changes.
For our passengers, we are reorganizing
operations with the help of AI processes
to further increase quality.”
Prof. Dr Matthias Zieschang
Executive Director Controling and Finance
Born in 1961
Appointed until January 31, 2026
11
Fraport Annual Report 2023To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther Information 4
To Our Shareholders / Report of the Supervisory Board
Fraport Annual Report 2023
Report of the Supervisory Board
the Supervisory Board performed all the tasks incumbent on it under
law, the company statutes as well as the rules of procedure and
continuously monitored the management of the company in the 2023
fiscal year. The Supervisory Board regularly obtained timely and
comprehensive information from the Executive Board, in writing and
orally, on the proposed business policies, fundamental questions
concerning future management and corporate planning, the situation
and development of the company and the Group as well as signifi-
cant 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 Supervisory Board. Based
on the reports of the Executive Board, the Supervisory Board exten-
sively discussed significant business transactions of the company.
The Supervisory Board harmonized the strategic alignment 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 relevant proposals made by the
Executive Board after having thoroughly examined and consulted on
those matters.
In the reporting period, the Supervisory Board met six times, includ-
ing a strategy meeting, in-person with individual members given the
option of virtual participation.
Focal points of discussions of the Supervisory Board
The business development of the Fraport Group and its Group companies was discussed regularly by the Supervisory Board in
fiscal year 2023 with a focus on traffic and revenue development at Frankfurt Airport as well as the impact of the sanctions imposed
in connection with the war in Ukraine on the indirect stake at St. Petersburg Airport.
Apart from this regular reporting, the following matters were extensively discussed in the 2023 fiscal year, in particular:
The expansion of capacity in the southern part of Frankfurt Airport was a focal point of the reporting. Progress in the
construction of Terminal 3 (including Pier G) and its traffic connection to the remaining infrastructure have been the
subject of in-depth discussions 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 in Frankfurt, Lima,
and Antalya were dealt with on a recurring basis. The raising of further loan funds was approved in this regard.
•
•
12
To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther InformationFraport Annual Report 2023
Fraport Annual Report 2023
To Our Shareholders / Report of the Supervisory Board
5
•
•
•
•
•
The geopolitical developments and the resulting risks for the Company as well as the further development of the
Company’s strategy were discussed in a strategy meeting. An additional item of discussion was a Master Plan Cargo for
the Frankfurt site, which is intended to secure the airport’s position as the leading cargo hub in Europe.
The Supervisory Board dealt with the HRneo program, the central personnel management transformation program for
implementing the new human resources strategy and realignment of the Human Resources division to the changed
market conditions and employee needs.
The rules of procedure of the Supervisory Board of Fraport AG were discussed and amended to reflect a general
maximum age limit of 72 years at the time of the election or re-election of Supervisory Board members. Exceptions are
permitted in justified individual cases if there is no doubt of the suitability of the person concerned and the respective
election appears expedient in the interests of the Company. Furthermore, a change was set out in the requirements
profile for Supervisory Board members of Fraport AG to the effect that at least 30% of the shareholder representatives
on the Supervisory Board should not be older than 62 years of age at the time of their election or re-election.
The Supervisory Board discussed the amendments to the statutes proposed to the Annual General Meeting. These
included the authorization in the statutes to hold Annual General Meetings by means of virtual meetings for an initial
period of three years, the statute amendment to adjust the Supervisory Board remuneration from January 1, 2024, and
the possibility of convening Supervisory Board meetings in other electronic forms or by using other commonly used
communication tools as well.
In addition, the Supervisory Board dealt with the financial statements and management reports of the company and the
Group as at December 31, 2022, as well as the 2022 Annual Report and reached the necessary decisions on their
approval and adoption.
Furthermore, the Supervisory Board made specific decisions on the following subjects, among others:
• On March 13, 2023, the Supervisory Board approved the decision of the Executive Board to hold the 2023 Annual
General Meeting without shareholders present. It adopted the agenda for the ordinary Annual General Meeting on
May 23, 2023. In addition, the Supervisory Board decided to propose to the Annual General Meeting that Deloitte
GmbH Wirtschaftsprüfungsgesellschaft, Frankfurt am Main, be appointed as the auditor and group auditor for the
2023 fiscal year. It also decided to propose to the Annual General Meeting to nominate Former Minister Michael
Boddenberg, Dr. Bastian Bergerhoff, Ms. Kathrin Dahnke, Dr. Margarete Haase, Mr. Harry Hohmeister, Mr. Frank-
Peter Kaufmann, Mr. Lothar Klemm, Ms. Sonja Wärntges, and Prof. Dr.-Ing. Katja Windt for election as shareholder
representatives on the Supervisory Board. In a written circular procedure, Mr. Lord Mayor Mike Josef was added to
these nominations.
•
In the meeting held on March 13, 2023, the Supervisory Board consented to the conclusion of a control and profit
transfer agreement between Fraport and Fraport Facility Services GmbH, and to having this agreement, together
with a joint report prepared in accordance with Section 293a of the German Stock Corporation Act (AktG) by the
Executive Board of Fraport AG and the management of Fraport Facility Services GmbH, presented to the Annual
General Meeting for approval.
• At the constitutive meeting of May 23, 2023, the Supervisory Board elected Former Minister Michael Boddenberg as
its Chairman and Mr. Mathias Venema as its Deputy Chairman. Furthermore, elections for appointments to the com-
mittees were held during this meeting.
•
In the meeting held on September 14, the Supervisory Board appointed Dr. Stefan Schulte as a member of the
Executive Board and as Chairman of the Executive Board for another three years until August 31, 2027 with effect
from September 1, 2024. It appointed Dr. Pierre Dominique Prümm as a member of the Executive Board for five
further years with effect from July 1, 2024.
• On June 26 and December 14, 2023, 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 14, 2023, the Supervisory Board approved the 2024 Business Plan.
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To Our Shareholders / Report of the Supervisory Board
Fraport Annual Report 2023
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 “Combined Statement on Corporate Governance” as well as on the
Group’s website at
www.fraport.com/en/investors/corporate-governance.html.
Unless otherwise noted in the following, the meetings of the committees took place in-person with the option of virtual participation
for individual members.
The finance and audit committee met six times during the reporting period, with two meetings held as virtual meetings, and
discussed substantial business transactions, the annual and consolidated financial statements, and the management reports.
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 2023 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 2024 Business Plan of
Fraport AG (prepared in accordance with the German Commercial Code, HGB) and the 2024 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 2023 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. Due to the required regular change of auditor, a proposal was made to the meeting to propose to the
Annual General Meeting to appoint Deloitte GmbH Wirtschaftsprüfungsgesellschaft, Frankfurt am Main as the auditor and group
auditor for the 2023 fiscal year. Furthermore, with regard to the review of CSR reporting, the recommendation of the Supervisory
Board was in favor of this auditing company.
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 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 five meetings of the investment and capital expenditure committee during the 2023 fiscal year focused
on the respective status of the stake in the operating company of Pulkovo Airport, St. Petersburg, which was also discussed at a
special meeting, the economic development of the investment business, and the expansion measures in Germany and at foreign
Group companies.
A particular focus was 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 Supervisory Board. The committee also dealt with the expansion of the airport in Lima. Further items of
discussion were the expansion obligation at Antalya Airport according to the new concession and its financing.
The committee regularly dealt with the economic situation of the Group companies at the Frankfurt site and worldwide. It discussed
in detail the capital expenditure made under the 2023 Business Plan as well as the capital expenditure planning for fiscal
year 2024.
At its four meetings in the 2023 fiscal year, the human resources committee regularly discussed the human resources situation
in the Group. At the Frankfurt site, the focus was on the topics of HRneo, recruitment, and the development of personnel expenses
and remuneration.
Another focal point of discussion was the development of the percentage of women in top management and management
positions.
The executive committee met five times during the reporting period. It dealt with Executive Board matters and remuneration
issues arising in the 2023 fiscal year.
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7
The nomination committee formed to prepare the election of new shareholder representatives did not meet in person but passed
its resolution in two written circulation procedures. It suggested to the Supervisory Board to propose the nomination of the above-
mentioned persons for election to the Supervisory Board to the 2023 Annual General Meeting.
The mediation committee, to be constituted in accordance with Section 27 of the German Co-Determination Act (MitbestG), did
not meet during the 2023 fiscal year.
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 2023, and
the company continued its willingness to support the training and education measures for Supervisory Board members.
Meeting attendance
During the 2023 fiscal year, the members of the Supervisory Board attended meetings of the Supervisory Board and of the
committees of which they were members as follows:
Attendance at Supervisory Board and committee meetings 2023
Member of the Supervisory Board
Supervisory Board
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)
6 / 6 (100 %)
6 / 6 (100 %)
5 / 5 (100 %)
Michael Boddenberg (Chair)
Devrim Arslan
Karina Becker-Lienemann (since
23.05.2023)
Dr. Bastian Bergerhoff
Ines Born (until 23.05.2023 / since
04.08.2023)
6 / 6 (100 %)
Hakan Bölükmese
1 / 1 (100 %)
Hakan Cicek (until 23.05.2023)
Kathrin Dahnke (since 23.05.2023)
4 / 5 (80 %)
Peter Feldmann (until 23.05.2023) 1 / 1 (100 %)
Peter Gerber (until 03.02.2023) No meetings
3 / 6 (50 %)
4 / 4 (100 %)
4 / 4 (100 %)
4 / 4 (100 %)
1 / 1 (100 %)
3 / 3 (100 %)
5 / 5 (100 %)
1 / 1 (100 %)
1 / 4 (25 %)
0 / 1 (0 %)
2 / 3 (66,67 %)
1 / 1 (100 %)
2 / 2 (100 %)
3 / 4 (75 %)
4 / 4 (100 %)
5 / 5 (100 %)
Dr. Margarete Haase
Harry Hohmeister (since 23.05.2023)
Mike Josef (since 23.05.2023)
Frank-Peter Kaufmann
Sidar Kaya (since 23.05.2023)
Dr. Ulrich Kipper (until 23.05.2023)
Lothar Klemm
Karin Knappe
Felix Kreutel (since 23.05.2023)
Ramona Lindner (until 23.05.2023)
6 / 6 (100 %)
4 / 5 (80 %)
5 / 5 (100 %)
6 / 6 (100 %)
5 / 5 (100 %)
0 / 1 (0 %)
6 / 6 (100 %)
6 / 6 (100 %)
5 / 5 (100 %)
1 / 1 (100 %)
Michael Odenwald (until 23.05.2023) 1 / 1 (100 %)
6 / 6 (100 %)
Matthias Pöschko
No meetings
Qadeer Rana (until 04.01.2023)
6 / 6 (100 %)
Mathias Venema (Vice-Chair)
6 / 6 (100 %)
Sonja Wärntges
6 / 6 (100 %)
Prof. Dr.-Ing. Katja Windt
5 / 5 (100 %)
Özgür Yalcinkaya (since 23.05.2023)
6 / 6 (100 %)
4 / 4 (100 %)
1 / 2 (50 %)
6 / 6 (100 %)
2 / 2 (100 %)
6 / 6 (100 %)
6 / 6 (100 %)
4 / 4 (100 %)
5 / 5 (100 %)
1 / 1 (100 %)
5 / 5 (100 %)
5 / 5 (100 %)
4 / 4 (100 %)
1 / 1 (100 %)
5 / 5 (100 %)
4 / 4 (100 %)
3 / 3 (100 %)
4 / 4 (100 %)
1 / 1 (100 %)
4 / 5 (80 %)
4 / 4 (100 %)
2 / 4 (50 %)
5 / 5 (100 %)
3 / 4 (75 %)
5 / 5 (100 %)
5 / 5 (100 %)
5 / 5 (100 %)
4 / 4 (100 %)
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To Our Shareholders / Report of the Supervisory Board
Fraport Annual Report 2023
Corporate Governance and statements of compliance
The Executive Board and the Supervisory Board also addressed the implementation of the German Corporate Governance Code
(GCGC) in the past year.
In this context, the Supervisory Board has also continued its regular efficiency audit. In the reporting year, this self-assessment
was discussed in-depth at the Supervisory Board meeting held on December 14, 2023.
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 14, 2023, are provided in the “Combined State-
ment 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.
Conflicts of interest and their treatment
There were no conflicts of interest for members of the Supervisory Board and the Executive Board in the 2023 fiscal year.
Audit of annual and consolidated financial statements as well as remuneration report
Deloitte GmbH Wirtschaftsprüfungsgesellschaft, Frankfurt am Main, audited the annual financial statements of Fraport AG and
the consolidated financial statements as at December 31, 2023, as well as the combined management report, and issued an
unqualified auditor’s report for each. The audit mandate was issued by the Chairman of the Supervisory Board and by the
Chairwoman of the finance and audit committee in accordance with the resolution of the Annual General Meeting of May 23, 2023.
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 documents mentioned above and the proposal of the Executive Board for the appropriation of profit earmarked for distribution
were sent to the Supervisory Board by the Executive Board without delay. 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
Deloitte 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 15, 2024 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.
The profit earmarked for distribution of Fraport AG amounted to €164,6 million in the past fiscal year. Considering the ongoing
late impacts of the coronavirus pandemic on Fraport and the continued high capital expenditure, the Executive Board of Fraport
AG proposed again to waive the distribution of a dividend for the 2023 fiscal year. After an in-depth assessment and, in particular,
taking into account the interests of the Company and the shareholders, the Supervisory Board has endorsed this proposal.
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, 2023 to December 31, 2023 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:
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9
“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.”
The auditor participated in the discussions with the Supervisory Board on March 15, 2024 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.
Deloitte was also commissioned to review the content of the Remuneration Report of Fraport AG as at December 31, 2023 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 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 Deloitte 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 15, 2024, 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.
Ultimately, it was determined that the combined non-financial statement is correct and complies with the requirements under
German commercial law.
Personnel particulars
The term of office of the current members of the Supervisory Board ended with the conclusion of the Annual General Meeting on
May 23, 2023. The following persons were elected at the Annual General Meeting
a)
as representatives of the shareholders:
Former Minister Michael Boddenberg,
Dr. Bastian Bergerhoff,
Ms. Kathrin Dahnke,
Dr. Margarete Haase,
Mr. Harry Hohmeister,
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To Our Shareholders / Report of the Supervisory Board
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Mr. Lord Mayor Mike Josef,
Mr. Frank-Peter Kaufmann,
Mr. Lothar Klemm,
Ms. Sonja Wärntges,
Prof. Dr.-Ing. Katja Windt,
b)
as representatives of the employees:
Mr. Devrim Arslan,
Ms. Karina Becker-Lienemann,
Mr. Hakan Bölükmese,
Mr. Sidar Kaya,
Ms. Karin Knappe,
Mr. Felix Kreutel,
Mr. Matthias Pöschko,
Mr. Mathias Venema,
Mr. Özgür Yalcinkaya.
In order to take appropriate account of the objectives for the composition of the Supervisory Board when electing members to the
Supervisory Board, particularly with regard to the age limit and length of membership, and to be able to react flexibly to changing
skill requirements, Frank-Peter Kaufmann and Lothar Klemm were elected to the Supervisory Board by the 2023 Annual General
Meeting in accordance with the Supervisory Board's election proposals for a term of office until the 2025 Annual General Meeting,
i.e. for around two years. The other Supervisory Board members were elected for the regular term of office of around five years
until the 2028 Annual General Meeting.
After the election of a representative of the employees was rendered invalid due to a violation of the gender ratio in accordance
with Section 18a MitbestG, the District Court of Frankfurt am Main, by means of a resolution passed on August 4, 2023, appointed
Ms. Ines Born as a (replacement) representative of the employees in the Supervisory Board until the beginning of the next regular
period of office for the elected representatives of the employees.
Frankfurt am Main, March 15, 2024
Former Minister Michael Boddenberg
(Chairman of the Supervisory Board)
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11
Combined Statement on Corporate Governance
The Fraport AG Executive Board reports – in the name of the Supervisory Board – 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
(Fraport AG and fully consolidated Group companies, hereinafter referred to as “Fraport”) as part of a combined statement on
corporate governance pursuant to Sections 315d and 289f HGB in conjunction with Section 289f 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 (hereinafter: 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
developments 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 14, 2023
The Executive Board and the Supervisory Board last issued the following statement of compliance under Section 161 of the AktG
on December 14, 2023:
“Since the last presentation of the statement of compliance on December 15, 2022, Fraport AG has complied with and will continue
to comply with all recommendations announced on June 27, 2022 by the Government 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
www.fraport.com/en/investors/corporate-governance.html.
GCGC recommendations
Fraport AG also voluntarily complies with the recommendations of the GCGC.
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Group Management Report / Situation of the Group
Fraport Annual Report 2023
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 Fraport that employees 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 is reviewed regularly and updated when necessary.
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 includes the fight against
corruption as one focus area.
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. The long-held
objective of Fraport to offer all employees a high level of workplace security is a significant factor for the appeal of Fraport as an
employer, especially in the current conditions of the labor market. Comprehensive, integrated occupational health and safety is
also an important component of overall corporate responsibility at Fraport. Comprehensive protective measures have been taken
at both the Frankfurt site and the Group airports.
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13
The Fraport Group is also committed to maintaining a sustainable, conserving, and preventive approach to natural resources and
the environment. The topic of sustainability has been of particular significance for Fraport in recent years. The stated goal for
Fraport AG and the Fraport Group is to be carbon-free by 2045 within scopes 1 (direct emissions) and 2 (indirect emissions).
Ambitious milestones for CO2 reductions on the path toward 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. Starting with Fraport AG, the “decarbonization master plan” was successfully rolled out to all areas of the
Fraport Group in the course of fiscal year 2023. Under the plan, the foreign equity holdings have defined measures for a carbon
reduction path similar to the process at the Frankfurt site. A Decarbonization Board was created to ensure continuous monitoring
of the implementation of the “decarbonization master plan,” which regularly reports to the Executive Board on the implementation
status of the measures. Examples of the numerous concrete measures taken to reduce CO2 emissions include the establishment
of a ground-mounted photovoltaic system next to the runway North-West, the increasing purchase of green electricity, and the
expansion of the infrastructure for alternative drive systems of vehicles at the Frankfurt site.
The Executive Board ensures that it takes account of sustainability-related goals in its resolutions concerning key corporate
decisions. In addition to financial goals, the corporate strategy also includes ecological and social goals and reflects the basic
understanding of Fraport of balanced corporate management. “Growth and Sustainability” is one of the three priorities of our
company strategy (in addition to “Efficiency and Innovation” and “Employer of choice”). Using non-financial indicators, such as
CO2 emissions, which are measured 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.
Lastly, Fraport AG is involved in community, cultural, and social initiatives 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.
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 “Executive
Board 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 these 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. In deviation from this standard, the Supervisory Board in 2021 extended the appointment of Prof. Dr. Zieschang as
a member of the Executive Board for a further three years and ten months until January 31, 2026, and in 2022 extended the
appointment of Ms. Giesen for a further three years with effect from January 1, 2023. Ms. Kranenberg was appointed as a member
of the Executive Board for a term of three years when she was first appointed in 2022 in accordance with recommendation B.3 of
the GCGC. Furthermore, in its meeting on September 15, 2023, the Supervisory Board decided to extend the appointment of
Dr. Schulte as a member of the Executive Board with effect from September 1, 2024 for an additional three years until
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August 31, 2027. Dr. Schulte’s appointment would have ended on August 31, 2024. In the same meeting, the Supervisory Board
decided to extend the appointment of Dr. Prümm as Executive Board member with effect from July 1, 2024 for a period of five
further years until June 30, 2029. Dr. Prümm’s appointment would have ended on June 30, 2024. In compliance with recommen-
dation B.4 of the GCGC, the reappointments of Dr. Schulte and Dr. Prümm did not take place before one year of their current
appointments had passed.
The age limit for members of the Executive Board has, in principle, been set at 65 by the Supervisory Board. In the case of
Dr. Schulte, the Supervisory Board dealt in-depth with the age limit in its meeting on September 15, 2023 and decided, as an
exception, to deviate from the fundamentally set age limit of 65 years in the (re)appointment of Dr. Schulte until August 31, 2027.
Reasons for the (re)appointment of Dr. Schulte until August 31, 2027 and the deviation from the fundamentally set age limit of 65
years as an exception were the continuing expansions in Frankfurt, Lima, and Antalya for which the Supervisory Board regarded
continuity in the office of the Chair of the Supervisory Board due to Dr. Schulte’s many years of experience and his many years
of departmental responsibility for these projects until 2027 as important and in the interests of the company.
Remuneration of the Executive Board comprises fixed and performance-related components. The Remuneration Report for the
2023 fiscal year, the auditor’s report as per Section 162 AktG, and the applicable remuneration system for the Executive Board
are published at
https://www.fraport.com/en/investors/publications-events.html.
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) HGB and information on the respective areas of responsibility can be found in note 55 of the Group Notes as
part of the 2023 Annual Report. CVs of the members of the Executive Board are available on the company’s website under
https://www.fraport.com/en/our-group/about-us/executive-board.html
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 20 members as provided for in the company statutes. The ten share-
holder 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 repre-
sentative, 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.
As a rule, the Supervisory Board meets four times a year. In 2023, the Supervisory Board held six meetings, one of which was a
strategy meeting. The Supervisory Board meetings in 2023 were all held in-person, while individual members had the option of
participating virtually.
The Supervisory Board regularly carries out a self-assessment of the effectiveness of its activities and the activities of its commit-
tees. The efficiency review is usually carried out alternately in a structured process with the help of external consultants
(as in 2022) and by means of a self-assessment. In 2023, a self-assessment of the Supervisory Board was carried out using a
questionnaire, which was discussed in detail at the Supervisory Board meeting on December 14, 2023. The focus of the discussion
was on issues relating to the company strategy, the collaboration within the Supervisory Board, the committees, and with the
Executive Board, the preparation and conduct of Supervisory Board meetings, the reporting and information system, and the topic
of digitalization.
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15
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 2023 fiscal year can be found under ”To Our Shareholders” in the 2023 Fraport Annual Report.
The Remuneration Report for the 2023 fiscal year, the auditor’s report as per Section 162 AktG, the applicable remuneration
system for the Executive Board, and the most recent remuneration resolution as per Section 113(3) AktG are published at
https://www.fraport.com/en/investors/publications-events.html.
In 2023, elections were held for the shareholder representatives and the employee representatives on the Supervisory Board.
At the time of publication of this combined statement on corporate governance, the Supervisory Board was composed as follows:
Composition of the Supervisory Board
Representatives of the shareholders
Representatives of the employees
Michael Boddenberg (Chair)
(Member of Supervisory Board since 26.05.2020)
Dr. Bastian Bergerhoff
(Member of Supervisory Board since 24.05.2022)
Kathrin Dahnke
(Member of Supervisory Board since 23.05.2023)
Dr. Margarete Haase
(Member of Supervisory Board since 01.01.2011)
Harry Hohmeister
(Member of Supervisory Board since 23.05.2023)
Mike Josef
(Member of Supervisory Board since 23.05.2023)
Frank-Peter Kaufmann
(Member of Supervisory Board since 30.05.2014)
Lothar Klemm
(Member of Supervisory Board since 10.05.1999)
Sonja Wärntges
(Member of Supervisory Board since 16.10.2020)
Prof. Dr.-Ing. Katja Windt
(Member of Supervisory Board since 11.05.2012)
Mathias Venema (Vice Chair)
(Member of Supervisory Board since 01.07.2020)
Devrim Arslan
(Member of Supervisory Board since 31.05.2013)
Karina Becker-Lienemann
(Member of Supervisory Board since 23.05.2023)
Ines Born
(Member of Supervisory Board since 19.07.2022)
Hakan Bölükmese
(Member of Supervisory Board since 29.05.2018)
Sidar Kaya
(Member of Supervisory Board since 23.05.2023)
Karin Knappe
(Member of Supervisory Board since 08.06.2022)
Felix Kreutel
(Member of Supervisory Board since 23.05.2023)
Matthias Pöschko
(Member of Supervisory Board since 01.01.2021)
Özgür Yalcinkaya
(Member of Supervisory Board since 23.05.2023)
After the election of a representative of the employees was rendered invalid due to a violation of the gender ratio in accordance
with Section 18a MitbestG, the District Court of Frankfurt am Main, by means of a resolution passed on August 4, 2023, appointed
Ms. Ines Born as a (replacement) representative of the employees in the Supervisory Board until the beginning of the next regular
period of office for the elected representatives of the employees.
Further information on the members of the Supervisory Board as well as their memberships to be disclosed in accordance with
Section 285(10) HGB can be found in note 56 of the Group Notes as part of the 2023 Fraport Annual Report. CVs of the mem-
bers of the Supervisory Board are available on the company’s website under
https://www.fraport.com/en/our-group/about-us/supervisory-board-and-economic-advisory-board-.html.
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.
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Committees of the Supervisory Board
Committee
Functions
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 approv-
al, on the annual and consolidated financial statements, on
the Executive Board recommendation for the appropriation
of profits, on the combined management report, on the
com-bined non-financial statement, on the audit report of
the auditor of the financial statements and of other auditors,
on the Supervisory Board’s recommendation for the audit
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 in-
vest-ment-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
2023
Regular
number of
members
Members
4
6
8 Dr. Margarete Haase (Chair)
Mathias Venema (Vice-Chair)
Devrim Arslan
Dr. Bastian Bergerhoff
Sidar Kaya
Lothar Klemm
Sonja Wärntges
Özgür Yalcinkaya
4
5
8 Lothar Klemm (Chair)
Felix Kreutel (Vice-Chair)
Karina Becker-Lienemann
Kathrin Dahnke
Frank-Peter Kaufmann
Karin Knappe
Matthias Pöschko
Prof. Dr.-Ing. Katja Windt
Human resources committee > Preparation of resolutions in the area of human resources
4
4
8 Hakan Bölükmese (Chair)
Executive committee
> 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
> Preparations for the appointment of members of the
Execu-tive 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
Super-visory Board
Frank-Peter Kaufmann (Vice-Chair)
Karina Becker-Lienemann
Dr. Bastian Bergerhoff
Sidar Kaya
Karin Knappe
Sonja Wärntges
Prof. Dr.-Ing. Katja Windt
As needed
5
8 Chairman of the
Supervisory Board
Michael Boddenberg (ex officio)
Vice Chairman
Mathias Venema (ex officio)
Hakan Bölükmese
Dr. Margarete Haase
Mike Josef
Frank-Peter Kaufmann
Matthias Pöschko
Özgür Yalcinkaya
4 Chairman of the
Supervisory Board
Michael Boddenberg
(ex officio)
Vice Chairman of the
Supervisory Board
Mathias Venema (ex officio)
Hakan Bölükmese
Lothar Klemm
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
As needed
0
Nomination committee
> Recommendation of suitable candidates to the Supervisory
Board for its recommendations to the AGM
As needed
0
3 Michael Boddenberg (ex officio)
Dr. Margarete Haase
Mike Josef
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The Nomination Committee did not meet in person in 2023 but passed its resolutions in two written circulation procedures.
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,
Supervisory Board remuneration, approval of the remuneration system for Executive Board members, and other tasks. The share-
holders can either exercise their right to vote in person or can authorize third parties to exercise their right to vote. Each share
entitles its holder to one vote in the Annual General Meeting.
In accordance with the company statutes, the Executive Board is authorized to provide for
-
-
-
the Annual General Meeting to be held without the physical presence of shareholders or their proxies at the venue of the
Annual General Meeting (virtual Annual General Meeting) – this authorization is limited in time and applies to Annual General
Meetings held within three years of the commercial register entry made in June 2023 of this new provision in the company
statutes created by the Annual General Meeting 2023 and can be extended or renewed (also several times) by a
corresponding resolution of the Annual General Meeting;
shareholders to cast their votes in writing or by means of electronic communication (postal vote);
shareholders to participate in an Annual General Meeting that is not a virtual Annual General Meeting within the meaning of
the company statutes without being present at the venue and without a proxy and to exercise all or some of their rights in
whole or in part by means of electronic communication (online participation).
The Annual General Meeting 2023 was held as a virtual Annual General Meeting in accordance with Section 118a AktG without
the physical presence of shareholders or their proxies, thereby making use of the (transitional) provisions of Section 26n (1) of
the Introductory Act to the German Stock Corporation Act (Einführungsgesetz zum Aktiengesetz). Duly registered shareholders
and their proxies were able to follow the entire 2023 Annual General Meeting by video and audio transmission via the password-
protected AGM portal accessible on the Internet and to exercise their voting rights and other shareholder rights via the AGM
portal. This meant that duly registered shareholders and their proxies were able to exercise their right to speak and obtain
information at the 2023 Annual General Meeting via video communication for the first time. The virtual Annual General Meeting
2023 was thus largely aligned with the format of an in-person Annual General Meeting in terms of content and the protection of
shareholder rights. In addition, shareholders who duly registered for the 2023 Annual General Meeting or their authorized
representatives had the opportunity to submit statements in advance in text form or as a video message.
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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
2023 fiscal 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 above-mentioned minimum participation requirement applies to the Executive Board, the obligation to set a target figure for
the participation of women on the Executive Board is waived 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 Septem-
ber 18, 2015, and this target remained even after the obligation to set targets for the Executive Board had been eliminated. Since
Julia Kranenberg’s joining the Executive Board of Fraport AG on November 1, 2022, the percentage of women on the Executive
Board of Fraport AG is 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.
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” to the Executive Board) and a target of 30.9% of women in the subordinate management level (“direct reports” to
the first management level under the Executive Board) 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” to the Executive Board) and a target of 30.2% of women in the subordinate management level (“direct
reports” to the first management level under the Executive Board) for the same period.
As at the balance sheet date of December 31, 2023, the actual proportion of women in the first management level at Fraport AG
was 23.8%, and 31.8% in the second management level. As at the balance sheet date of December 31, 2023, the actual proportion
of women in the first management level within the Group was 24.4%, and 33.9% in the second management level.
Gender ratio on the Supervisory Board
In accordance with Section 96 (2) AktG (Principle 11 of the GCGC), where members are newly elected and posted to the
Supervisory Board of Fraport AG, the statutory gender ratio must be met, with a minimum of 30% women and 30% men on the
Supervisory Board. The Supervisory Board has decided that these ratios are to be met separately by the shareholder represent-
atives and the employee representatives on the Supervisory Board. This requirement was met as part of the new elections of
shareholder representatives to the Supervisory Board at the Annual General Meeting on May 23, 2023. The election of share-
holder representatives to the Supervisory Board in 2023 was based on corresponding resolutions by the nomination committee.
In the election of employee representatives by the delegates' assembly in May 2023, only two people were elected to the Super-
visory Board as female employee representatives, which means that the minimum percentage of 30% women on the employee
representative side, which must be met separately, was not met. As provided for in the German Co-Determination Act, in order to
meet the gender ratio, the election of the male candidate on the employee representative side who received the lowest maximum
number of votes in the respective ballot according to the order of the maximum numbers of candidates was therefore declared
invalid. On the application of the Fraport AG Executive Board, the district court Frankfurt am Main subsequently appointed
Ms. Ines Born (from the ver.di trade union) to the Supervisory Board of the company as employee representative until the begin-
ning of the next regular period of office for the elected representatives of the employees by means of a resolution passed on
August 4, 2023.
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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
On 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 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 Board's members together represent a comprehensive range of knowledge and experience. 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.”
The previous strict age limit of 72 years at the time of (re)election was therefore made more flexible by amending the rules of
procedure for the Supervisory Board at the Supervisory Board meeting on March 13, 2023. Accordingly, the maximum age limit
for Supervisory Board members is generally 72 years at the time of election or reelection. This age limit may be deviated from in
justified individual cases, provided there are no doubts about the suitability of the proposed persons. The requirements profile for
Supervisory Board members, which was revised in 2023, also stipulates that the Supervisory Board must have at least three
independent members. To ensure a balanced mix of experience and new talent on the Supervisory Board, at least 30% of the
shareholder representatives should not be older than 62 at the time of election or reelection.
In the election of shareholder representatives by the Annual General Meeting 2023, Mr. Klemm and Mr. Kaufmann were older
than 72 years at the time of reelection. The Supervisory Board discussed this fact at its meeting on March 13, 2023 and proposed
the election of Mr. Klemm and Mr. Kaufmann for a term of two years with the required majority, while a term of five years was
proposed to the Annual General Meeting for the other candidates. The reasons given for the deviation from the standard age limit
as an exception in the cases of Mr. Klemm and Mr. Kaufmann were that Mr. Klemm, as the Chair of the investment and capital
expenditure committee, should assist with the construction of Terminal 3 and the expansion of the airport in Lima and Antalya as
important infrastructure projects in this critical phase for another two years due to his many years of experience, and that
Mr. Kaufmann is highly committed to advancing the important issues of climate protection and decarbonization. The 2023 Annual
General Meeting agreed to the election proposal and reelected Mr. Klemm and Mr. Kaufmann to the Supervisory Board for a
two-year term of office as an exception to the general age limit of 72 years at the time of reelection. As the term of office of two
members of the Supervisory Board therefore differs from that of the other Supervisory Board members, this also paves the way
for the gradual formation of a Supervisory Board with staggered terms of office for Supervisory Board members ("staggered
board") for the future.
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As regards the statutory gender ratio of at least 30% women and at least 30% men on the Supervisory Board, most recently in
2022, the Supervisory Board decided that this ratio is to be met separately for the members representing the shareholders and
those representing the employees. In line with this objective, the Supervisory Board consists of four female and six male share-
holder representatives as well as three female and seven male employee representatives (see above under "Gender ratio on the
Supervisory Board").
According to Section 100(5) 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. In addition, Ms. Dahnke also has expert knowledge in the area of accounting as
defined in Section 100 (5) AktG and in the area of auditing as defined in Section 100 (5) AktG.
Dr. Haase has 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 BRANICKS GROUP AG (formerly DIC Asset AG) since 2013,
additionally assuming the role of Chief Executive Officer in 2017. In this role, Ms. Wärntges’ areas of responsibility include Envi-
ronmental, Social and Governance and sustainability issues, as well as the sustainability report, which BRANICKS GROUP AG
(formerly DIC Asset AG) has been issuing since 2011.
Ms. Dahnke holds a degree in business administration of the Georg August University in Göttingen. She headed the finance
department at Beiersdorf AG, held the position of Director of Finance and member of the Management Board for Finance and
Controlling at DMG Mori Seiki Aktiengesellschaft (formerly GILDEMEISTER AG) and was CFO at both OSRAM Licht AG and
Ottobock SE & Co KGaA.
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.
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.
The above-mentioned objectives and recommendations were and are met in that, with Dr. Margarete Haase, Ms. Kathrin Dahnke,
Prof. Dr. Ing. Katja Windt and Ms. Sonja Wärntges, the Supervisory Board consisted of four shareholder representatives who
were independent of the company, its Executive Board, and the controlling shareholders (the State of Hesse and the City of
Frankfurt) in the reporting year. In the election of the shareholder representatives, five – and therefore in line with the requirements
profile for members of the Supervisory Board, more than 30% of the candidates standing for election on the shareholder side –
were not older than 62 years of age.
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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. According to recommendation C.7 of the GCGC, when
assessing the independence of Supervisory Board members by the company and the Executive Board, it should be taken into
account, among other things, whether the Supervisory Board member has been a member of the Supervisory Board for more
than 12 years.
In the view of the Executive Board and the Supervisory Board, despite having been a member of the Supervisory Board of Fraport
AG for more than 12 years (member since January 1, 2011), Dr. Haase is regarded as independent of the company and the
Executive Board. Due to her personality, her integrity, and her professionalism, combined with many years of various professional
activities with management responsibility outside of Fraport, there are no doubts with regard to her independence in respect of
Fraport AG and the Executive Board. 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. Furthermore, Dr. Haase is also a member of the
Supervisory Board of Marquard & Bahls AG and Chair of the Supervisory Board of ams OSRAM AG, which emphasizes her
independence of Fraport AG and its Executive Board.
The Supervisory Board has no former members of the Executive Board of Fraport AG.
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 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 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 mem-
bers 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.
The following table contains further details on the current members of the Supervisory Board.
29
Fraport Annual Report 2023To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther Information
22
22
Group Management Report / Situation of the Group
Group Management Report / Situation of the Group
Fraport Annual Report 2023
Fraport Annual Report 2023
Qualification matrix: Shareholder representatives
Qualification matrix: Shareholder representatives
Michael Boddenberg
Michael Boddenberg
Dr. Bastian Bergerhoff
Dr. Bastian Bergerhoff
Kathrin Dahnke
Kathrin Dahnke
Dr. Margarete Haase
Dr. Margarete Haase
Member since
selected/ordered until
Gender
Year of birth
Nationality
Member since
selected/ordered until
Gender
Year of birth
Nationality
Educational background
Educational background
Occupation
Occupation
5/26/2020
5/26/2020
May 2028
May 2028
male
male
1959
1959
German
German
Master in the butcher trade
Master in the butcher trade
5/24/2022
May 2028
male
1968
German
Doctor of Physics
5/24/2022
5/23/2023
May 2028
May 2028
male
female
1968
1960
German
German
Doctor of Physics
Graduate businesswomen
5/23/2023
May 2028
female
1960
German
Graduate businesswomen
Former Hessian Minister
of State, Member of the
Hessian State Parliament
Former Hessian Minister
of State, Member of the
Hessian State Parliament
City treasurer and
head of the department
of finance, investments
and personnel of the city
of Frankfurt am Main
City treasurer and
head of the department
of finance, investments
and personnel of the city
of Frankfurt am Main
Self-employed
Self-employed
management consultant
management consultant
1/1/2011
1/1/2011
May 2028
May 2028
female
female
1953
1953
Austrian
Austrian
Doctorate in business
Doctorate in business
administration
administration
Self-employed
Self-employed
management consultant
management consultant
Independence of the Company and the Executive Board
Independence of the Company and the Executive Board
in accordance with the GCGC
in accordance with the GCGC
(s. recommendation C.7 and C.8)
(s. recommendation C.7 and C.8)
Independence from majority shareholders
Independence from majority shareholders
(s. recommendation C.9)
(s. recommendation C.9)
Leadership experience/Personnel management
Leadership experience/Personnel management
International business activities/international experience
International business activities/international experience
Accounting
Accounting
Audit
Audit
Internal control systems, risk management
Internal control systems, risk management
Legal and compliance
Legal and compliance
Sustainability/sustainability reporting
Sustainability/sustainability reporting
Strategy development and implementation
Strategy development and implementation
IT and digitalization, cyber and IT security
IT and digitalization, cyber and IT security
1) Since November 11, 2022.
1) Since November 11, 2022.
Qualification matrix: Employee representatives
Qualification matrix: Employee representatives
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
Devrim Arslan
Devrim Arslan
Karina Becker-Lienemann
Karina Becker-Lienemann
Ines Born
Ines Born
Hakan Bölükmese
Hakan Bölükmese
Member since
selected/ordered until
Gender
Year of birth
Nationality
Member since
selected/ordered until
Gender
Year of birth
Nationality
Educational background
Educational background
Occupation
Occupation
5/31/2013
May 2028
male
1977
German
Automotive mechanic
5/31/2013
May 2028
male
1977
German
Automotive mechanic
5/23/2023
5/23/2023
May 2028
May 2028
female
female
1970
1970
German
German
Commercial training;
Commercial training;
qualification in the
qualification in the
medical-dermatological field
medical-dermatological field
7/19/2022
May 2028
female
1989
German
Public administration
specialist and
management assistant for
office communication
7/19/2022
May 2028
female
1989
German
Public administration
specialist and
management assistant for
office communication
5/29/2018
5/29/2018
May 2028
May 2028
male
male
1976
1976
German/Turkish
German/Turkish
Chemical laboratory
Chemical laboratory
assistant, certified aircraft
assistant, certified aircraft
ground services handler and
ground services handler and
studies at the European
studies at the European
Academy of Labor
Academy of Labor
Assistant to the Executive
Assistant to the Executive
Board of the komba trade
Board of the komba trade
union
union
Trade union secretary
(Trade union ver.di)
Trade union secretary
(Trade union ver.di)
Chairman of the Works
Council of Fraport AG
Chairman of the Works
Council of Fraport AG
Chairwoman of the Works
Council of Frankfurt Airport
Retail GmbH & Co. KG,
Chairwoman of the Group
Works Council of Gebr.
Heinemann SE & Co. KG,
Deputy Chairwoman of the
Group Works Council of
Fraport AG
Chairwoman of the Works
Council of Frankfurt Airport
Retail GmbH & Co. KG,
Chairwoman of the Group
Works Council of Gebr.
Heinemann SE & Co. KG,
Deputy Chairwoman of the
Group Works Council of
Fraport AG
Independence of the Company and the Executive Board in
Independence of the Company and the Executive Board in
accordance with the GCGC
accordance with the GCGC
(s. recommendation C.7 and C.8)
(s. recommendation C.7 and C.8)
Independence from majority shareholders
Independence from majority shareholders
(s. recommendation C.9)
(s. recommendation C.9)
Leadership experience/Personnel management
Leadership experience/Personnel management
International business activities/international experience
International business activities/international experience
Accounting
Accounting
Audit
Audit
Internal control systems, risk management
Internal control systems, risk management
Legal and compliance
Legal and compliance
Sustainability/sustainability reporting
Sustainability/sustainability reporting
Strategy development and implementation
Strategy development and implementation
IT and digitalization, cyber and IT security
IT and digitalization, cyber and IT security
Employee
Employee
Employee
Employee
X
X
X
X
X
X
Employee
Employee
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
30
To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther InformationFraport Annual Report 2023
22
22
22
Group Management Report / Situation of the Group
Group Management Report / Situation of the Group
Group Management Report / Situation of the Group
Fraport Annual Report 2023
Fraport Annual Report 2023
Fraport Annual Report 2023
Fraport Annual Report 2023
Fraport Annual Report 2023
Fraport Annual Report 2023
Fraport Annual Report 2023
Combined Management Report / Situation of the Group
Combined Management Report / Situation of the Group
Combined Management Report / Situation of the Group
Combined Management Report / Situation of the Group
23
23
23
23
Independence of the Company and the Executive Board
Independence of the Company and the Executive Board
Independence of the Company and the Executive Board
in accordance with the GCGC
in accordance with the GCGC
in accordance with the GCGC
(s. recommendation C.7 and C.8)
(s. recommendation C.7 and C.8)
(s. recommendation C.7 and C.8)
Independence from majority shareholders
Independence from majority shareholders
Independence from majority shareholders
(s. recommendation C.9)
(s. recommendation C.9)
(s. recommendation C.9)
Leadership experience/Personnel management
Leadership experience/Personnel management
Leadership experience/Personnel management
International business activities/international experience
International business activities/international experience
International business activities/international experience
Accounting
Accounting
Accounting
Audit
Audit
Audit
Internal control systems, risk management
Internal control systems, risk management
Internal control systems, risk management
Legal and compliance
Legal and compliance
Legal and compliance
Sustainability/sustainability reporting
Sustainability/sustainability reporting
Sustainability/sustainability reporting
Strategy development and implementation
Strategy development and implementation
Strategy development and implementation
IT and digitalization, cyber and IT security
IT and digitalization, cyber and IT security
IT and digitalization, cyber and IT security
1) Since November 11, 2022.
1) Since November 11, 2022.
1) Since November 11, 2022.
Qualification matrix: Employee representatives
Qualification matrix: Employee representatives
Qualification matrix: Employee representatives
Member since
Member since
Member since
selected/ordered until
selected/ordered until
selected/ordered until
Gender
Gender
Gender
Year of birth
Year of birth
Year of birth
Nationality
Nationality
Nationality
Educational background
Educational background
Educational background
Occupation
Occupation
Occupation
Qualification matrix: Shareholder representatives
Qualification matrix: Shareholder representatives
Qualification matrix: Shareholder representatives
Member since
Member since
Member since
selected/ordered until
selected/ordered until
selected/ordered until
Gender
Gender
Gender
Year of birth
Year of birth
Year of birth
Nationality
Nationality
Nationality
Educational background
Educational background
Educational background
Michael Boddenberg
Michael Boddenberg
Michael Boddenberg
Dr. Bastian Bergerhoff
Dr. Bastian Bergerhoff
Dr. Bastian Bergerhoff
Kathrin Dahnke
Kathrin Dahnke
Kathrin Dahnke
Dr. Margarete Haase
Dr. Margarete Haase
Dr. Margarete Haase
5/26/2020
5/26/2020
5/26/2020
May 2028
May 2028
May 2028
male
male
male
1959
1959
1959
German
German
German
5/24/2022
5/24/2022
5/24/2022
May 2028
May 2028
May 2028
male
male
male
1968
1968
1968
German
German
German
5/23/2023
5/23/2023
5/23/2023
May 2028
May 2028
May 2028
female
female
female
1960
1960
1960
German
German
German
Master in the butcher trade
Master in the butcher trade
Master in the butcher trade
Doctor of Physics
Doctor of Physics
Doctor of Physics
Graduate businesswomen
Graduate businesswomen
Graduate businesswomen
Doctorate in business
Former Hessian Minister
Former Hessian Minister
Former Hessian Minister
City treasurer and
City treasurer and
City treasurer and
Self-employed
Self-employed
Self-employed
of State, Member of the
of State, Member of the
of State, Member of the
head of the department
head of the department
head of the department
management consultant
management consultant
management consultant
management consultant
1953
female
1/1/2011
May 2028
1/1/2011
1/1/2011
May 2028
May 2028
female
female
1953
1953
Austrian
Austrian
Doctorate in business
Doctorate in business
administration
administration
Self-employed
Self-employed
management consultant
management consultant
Self-employed
administration
Austrian
Occupation
Occupation
Occupation
Hessian State Parliament
Hessian State Parliament
Hessian State Parliament
of finance, investments
of finance, investments
of finance, investments
and personnel of the city
and personnel of the city
and personnel of the city
of Frankfurt am Main
of Frankfurt am Main
of Frankfurt am Main
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
Harry Hohmeister
Harry Hohmeister
Harry Hohmeister
Harry Hohmeister
5/23/2023
5/23/2023
5/23/2023
5/23/2023
May 2028
May 2028
May 2028
May 2028
male
male
male
male
1964
1964
1964
1964
German
German
German
German
Mike Josef
Mike Josef
Mike Josef
Mike Josef
5/23/2023
5/23/2023
5/23/2023
5/23/2023
May 2028
May 2028
May 2028
May 2028
male
male
male
male
1983
1983
1983
1983
German
German
German
German
Aviation merchant Graduate political scientist
Aviation merchant Graduate political scientist
Aviation merchant Graduate political scientist
Aviation merchant Graduate political scientist
Lord Mayor of
Lord Mayor of
Lord Mayor of
Lord Mayor of
Frankfurt a.M.
Frankfurt a.M.
Frankfurt a.M.
Frankfurt a.M.
Member of the
Member of the
Member of the
Member of the
Executive Board of
Executive Board of
Executive Board of
Executive Board of
Deutsche Lufthansa AG
Deutsche Lufthansa AG
Deutsche Lufthansa AG
Deutsche Lufthansa AG
Frank-Peter Kaufmann
Frank-Peter Kaufmann
Frank-Peter Kaufmann
Frank-Peter Kaufmann
5/30/2014
5/30/2014
5/30/2014
5/30/2014
May 2025
May 2025
May 2025
May 2025
male
male
male
male
1948
1948
1948
1948
German
German
German
German
Degree in physics
Degree in physics
Degree in physics
Degree in physics
Pensioner, Self-employed
Pensioner, Self-employed
Pensioner, Self-employed
Pensioner, Self-employed
management consultant
management consultant
management consultant
management consultant
Lothar Klemm
Lothar Klemm
Lothar Klemm
Lothar Klemm
5/10/1999
5/10/1999
5/10/1999
5/10/1999
May 2025
May 2025
May 2025
May 2025
male
male
male
male
1949
1949
1949
1949
German
German
German
German
Lawyer
Lawyer
Lawyer
Lawyer
Former Minister of
Former Minister of
Former Minister of
Former Minister of
State of Hesse,
State of Hesse,
State of Hesse,
State of Hesse,
self-employed lawyer
self-employed lawyer
self-employed lawyer
self-employed lawyer
Sonja Wärntges
Sonja Wärntges
Sonja Wärntges
Sonja Wärntges
10/16/2020
10/16/2020
10/16/2020
10/16/2020
May 2028
May 2028
May 2028
May 2028
female
female
female
female
1967
1967
1967
1967
German
German
German
German
Degree in
Degree in
Degree in
Degree in
business administration
business administration
business administration
business administration
Chairwoman of the Board of
Chairwoman of the Board of
Chairwoman of the Board of
Chairwoman of the Board of
Directors of BRANICKS
Directors of BRANICKS
Directors of BRANICKS
Directors of BRANICKS
GROUP AG
GROUP AG
GROUP AG
GROUP AG
(formerly DIC Asset AG)
(formerly DIC Asset AG)
(formerly DIC Asset AG)
(formerly DIC Asset AG)
Prof. Dr.-Ing. Katja Windt
Prof. Dr.-Ing. Katja Windt
Prof. Dr.-Ing. Katja Windt
Prof. Dr.-Ing. Katja Windt
5/11/2012
5/11/2012
5/11/2012
5/11/2012
May 2028
May 2028
May 2028
May 2028
female
female
female
female
1969
1969
1969
1969
German
German
German
German
Doctorate in
Doctorate in
Doctorate in
Doctorate in
mechanical engineering
mechanical engineering
mechanical engineering
mechanical engineering
Member of the Manage-
Member of the Manage-
Member of the Manage-
Member of the Manage-
ment Board of SMS group
ment Board of SMS group
ment Board of SMS group
ment Board of SMS group
GmbH / Professor of Global
GmbH / Professor of Global
GmbH / Professor of Global
GmbH / Professor of Global
Production Logistics
Production Logistics
Production Logistics
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
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
Devrim Arslan
Devrim Arslan
Devrim Arslan
Karina Becker-Lienemann
Karina Becker-Lienemann
Karina Becker-Lienemann
Ines Born
Ines Born
Ines Born
Hakan Bölükmese
Hakan Bölükmese
Hakan Bölükmese
5/31/2013
5/31/2013
5/31/2013
May 2028
May 2028
May 2028
male
male
male
1977
1977
1977
German
German
German
5/23/2023
5/23/2023
5/23/2023
May 2028
May 2028
May 2028
female
female
female
1970
1970
1970
German
German
German
7/19/2022
7/19/2022
7/19/2022
May 2028
May 2028
May 2028
female
female
female
1989
1989
1989
German
German
German
Automotive mechanic
Automotive mechanic
Automotive mechanic
Commercial training;
Commercial training;
Commercial training;
Public administration
Public administration
Public administration
qualification in the
qualification in the
qualification in the
specialist and
specialist and
specialist and
assistant, certified aircraft
medical-dermatological field
medical-dermatological field
medical-dermatological field
management assistant for
management assistant for
management assistant for
ground services handler and
office communication
office communication
office communication
male
1976
May 2028
5/29/2018
German/Turkish
5/29/2018
5/29/2018
May 2028
May 2028
male
male
1976
1976
German/Turkish
German/Turkish
Chemical laboratory
Chemical laboratory
assistant, certified aircraft
assistant, certified aircraft
ground services handler and
ground services handler and
studies at the European
studies at the European
Academy of Labor
Academy of Labor
Chemical laboratory
Academy of Labor
studies at the European
Assistant to the Executive
Assistant to the Executive
Assistant to the Executive
Chairwoman of the Works
Chairwoman of the Works
Chairwoman of the Works
Trade union secretary
Trade union secretary
Trade union secretary
Board of the komba trade
Board of the komba trade
Board of the komba trade
Council of Frankfurt Airport
Council of Frankfurt Airport
Council of Frankfurt Airport
(Trade union ver.di)
(Trade union ver.di)
(Trade union ver.di)
Chairman of the Works
Chairman of the Works
Chairman of the Works
Council of Fraport AG
Council of Fraport AG
Council of Fraport AG
union
union
union
Retail GmbH & Co. KG,
Retail GmbH & Co. KG,
Retail GmbH & Co. KG,
Chairwoman of the Group
Chairwoman of the Group
Chairwoman of the Group
Works Council of Gebr.
Works Council of Gebr.
Works Council of Gebr.
Heinemann SE & Co. KG,
Heinemann SE & Co. KG,
Heinemann SE & Co. KG,
Deputy Chairwoman of the
Deputy Chairwoman of the
Deputy Chairwoman of the
Group Works Council of
Group Works Council of
Group Works Council of
Fraport AG
Fraport AG
Fraport AG
Sidar Kaya
Sidar Kaya
Sidar Kaya
Sidar Kaya
5/23/2023
5/23/2023
5/23/2023
5/23/2023
May 2028
May 2028
May 2028
May 2028
male
male
male
male
1989
1989
1989
1989
German
German
German
German
Plant mechanic for
Plant mechanic for
Plant mechanic for
Plant mechanic for
sanitary, heating and
sanitary, heating and
sanitary, heating and
sanitary, heating and
air conditioning technology
air conditioning technology
air conditioning technology
air conditioning technology
Commercial employee and
Commercial employee and
Commercial employee and
Commercial employee and
works council member
works council member
works council member
works council member
of Fraport Ground
of Fraport Ground
of Fraport Ground
of Fraport Ground
Services GmbH
Services GmbH
Services GmbH
Services GmbH
Karin Knappe
Karin Knappe
Karin Knappe
Karin Knappe
6/8/2022
6/8/2022
6/8/2022
6/8/2022
May 2028
May 2028
May 2028
May 2028
female
female
female
female
1975
1975
1975
1975
German
German
German
German
Physics Laboratory
Physics Laboratory
Physics Laboratory
Physics Laboratory
Technician, Dipl.-Ing.
Technician, Dipl.-Ing.
Technician, Dipl.-Ing.
Technician, Dipl.-Ing.
Environmental Engineering /
Environmental Engineering /
Environmental Engineering /
Environmental Engineering /
Environmental Measure-
Environmental Measure-
Environmental Measure-
Environmental Measure-
ment Technology and
ment Technology and
ment Technology and
ment Technology and
Master of Arts Human
Master of Arts Human
Master of Arts Human
Master of Arts Human
Resources Development
Resources Development
Resources Development
Resources Development
Independent Works
Independent Works
Independent Works
Independent Works
Council Representative,
Council Representative,
Council Representative,
Council 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
Felix Kreutel
Felix Kreutel
Felix Kreutel
Felix Kreutel
5/23/2023
5/23/2023
5/23/2023
5/23/2023
May 2028
May 2028
May 2028
May 2028
male
male
male
male
1974
1974
1974
1974
German
German
German
German
Graduate engineer
Graduate engineer
Graduate engineer
Graduate engineer
(civil engineering);
(civil engineering);
(civil engineering);
(civil engineering);
Master of Business
Master of Business
Master of Business
Master of Business
Administration
Administration
Administration
Administration
Matthias Pöschko
Matthias Pöschko
Matthias Pöschko
Matthias Pöschko
1/1/2021
1/1/2021
1/1/2021
1/1/2021
May 2028
May 2028
May 2028
May 2028
male
male
male
male
1973
1973
1973
1973
German
German
German
German
Automotive mechatronics
Automotive mechatronics
Automotive mechatronics
Automotive mechatronics
technician/paramedic/
technician/paramedic/
technician/paramedic/
technician/paramedic/
chief fire officer
chief fire officer
chief fire officer
chief fire officer
Mathias Venema
Mathias Venema
Mathias Venema
Mathias Venema
7/1/2020
7/1/2020
7/1/2020
7/1/2020
May 2028
May 2028
May 2028
May 2028
male
male
male
male
1972
1972
1972
1972
German
German
German
German
Master's degree in
Master's degree in
Master's degree in
Master's degree in
political science,
political science,
political science,
political science,
economics,
economics,
economics,
economics,
as well as medieval
as well as medieval
as well as medieval
as well as medieval
and modern history
and modern history
and modern history
and modern history
Head of Real Estate and
Head of Real Estate and
Head of Real Estate and
Head of Real Estate and
Energy Fraport AG
Energy Fraport AG
Energy Fraport AG
Energy Fraport AG
Firefighter/Member of the
Firefighter/Member of the
Firefighter/Member of the
Firefighter/Member of the
Works Council
Works Council
Works Council
Works Council
Trade union secretary
Trade union secretary
Trade union secretary
Trade union secretary
(Trade union ver.di)
(Trade union ver.di)
(Trade union ver.di)
(Trade union ver.di)
Özgür Yalcinkaya
Özgür Yalcinkaya
Özgür Yalcinkaya
Özgür Yalcinkaya
5/23/2023
5/23/2023
5/23/2023
5/23/2023
May 2028
May 2028
May 2028
May 2028
male
male
male
male
1978
1978
1978
1978
German
German
German
German
Qualification in
Qualification in
Qualification in
Qualification in
metal construction
metal construction
metal construction
metal construction
Commercial employee and
Commercial employee and
Commercial employee and
Commercial employee and
Chairman of the works
Chairman of the works
Chairman of the works
Chairman of the works
council of Fraport Ground
council of Fraport Ground
council of Fraport Ground
council of Fraport Ground
Services GmbH
Services GmbH
Services GmbH
Services GmbH
Independence of the Company and the Executive Board in
Independence of the Company and the Executive Board in
Independence of the Company and the Executive Board in
accordance with the GCGC
accordance with the GCGC
accordance with the GCGC
(s. recommendation C.7 and C.8)
(s. recommendation C.7 and C.8)
(s. recommendation C.7 and C.8)
Independence from majority shareholders
Independence from majority shareholders
Independence from majority shareholders
(s. recommendation C.9)
(s. recommendation C.9)
(s. recommendation C.9)
Leadership experience/Personnel management
Leadership experience/Personnel management
Leadership experience/Personnel management
International business activities/international experience
International business activities/international experience
International business activities/international experience
Accounting
Accounting
Accounting
Audit
Audit
Audit
Internal control systems, risk management
Internal control systems, risk management
Internal control systems, risk management
Legal and compliance
Legal and compliance
Legal and compliance
Sustainability/sustainability reporting
Sustainability/sustainability reporting
Sustainability/sustainability reporting
Strategy development and implementation
Strategy development and implementation
Strategy development and implementation
IT and digitalization, cyber and IT security
IT and digitalization, cyber and IT security
IT and digitalization, cyber and IT security
Employee
Employee
Employee
Employee
Employee
Employee
X
X
X
Employee
Employee
Employee
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
Employee
Employee
Employee
Employee
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
Employee
Employee
Employee
Employee
X
X
X
X
Employee
Employee
Employee
Employee
Employee
Employee
Employee
Employee
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
Employee
Employee
Employee
Employee
X
X
X
X
X
X
X
X
31
Fraport Annual Report 2023To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther Information
24
Group Management Report / Situation of the Group
Fraport Annual Report 2023
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 2023 fiscal year can be found in the Remuneration Report. The Remuneration Report was subject to a
formal and substantive audit by the auditor Deloitte GmbH Wirtschaftsprüfungsgesellschaft. The Remuneration Report is
published as a separate document at
https://www.fraport.com/en/investors/publications-events.html.
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
(ongoing) 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 2023 fiscal year this was Deloitte GmbH
Wirtschaftsprüfungsgesellschaft, Frankfurt am Main (hereinafter referred to as Deloitte), who audited Fraport for the first time after
the change of auditor in the 2023 fiscal year. Prior to the submission of the nomination, the Supervisory Board and its audit
committee obtained a declaration of independence from Deloitte. The audit of the consolidated financial statements and the com-
bined management report was carried out in accordance with Section 317 HGB and the EU Audit Regulation (No. 537/2014,
32
To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther InformationFraport Annual Report 2023
Fraport Annual Report 2023
Combined Management Report / Situation of the Group
25
hereinafter 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 disqualifi-
cation 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.
Disclosure of the joint statement on corporate governance and corporate governance report
The Executive Board published the combined statement on corporate governance on March 15, 2024 at
https://www.fraport.com/en/investors/corporate-governance.html.
33
Fraport Annual Report 2023To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther Information
26
Group Management Report / Situation of the Group
Fraport Annual Report 2023
Share and Investor Relations
Share performance 2023
The key topics of the 2023 trading year were global inflation development, along with key interest rate decisions and expectations
about how interest rates will develop in the future. Continuing geopolitical crises, such as the Russian war of aggression in Ukraine,
and new crises such as an escalation in the war between Israel and Islamist Hamas have also affected the stock exchanges. In
the first quarter, the collapse of Silicon Valley Bank in the United States, and the necessary rescue of Credit Suisse Bank by UBS
Bank led to additional stock market volatility.
In this environment characterized by uncertainty, the German leading share index DAX rose by 20.3%, offsetting the losses of the
previous year. At 16,752 points, the index closed close to its record high, which was reached in December 2023 at 16,794 points.
The index for medium-sized stocks MDAX also grew last year. With growth of 8.0% to around 27,137 points, the MDAX could not
completely make up the losses of the previous year however and remained clearly below its record high from 2021.
After the noticeable losses in the 2022 fiscal year, the Fraport share recovered noticeably in 2023 and achieved clear growth of
43.9% with a year-end closing price of €54.76. The Fraport share already recorded a clear increase in the first quarter of the year.
Buoyed by the prospect of possible key interest rate cuts, the share developed rapidly in January and achieved an increase of
more than 36% at the end of the month compared to the closing price of the previous year. However, the Fraport shares lost some
of their performance in March in connection with the regional banking crisis in the United States, triggered by the collapse of
Silicon Valley Bank. Nevertheless, the shares ended the first quarter with a clear gain (+21.7%) at a price of €46.31. With growth
of 5.5% to €48.86 and a further increase to €50.24 (+2.8%), the Fraport share also reported share price developments that were
overall positive in quarters two and three of the fiscal year. The escalation in the war between Israel and Islamist Hamas led to a
considerable price setback at the start of the fourth quarter. On October 20, at €44.64 the Fraport share recorded a reduction of
more than 11% compared to the closing price of the third quarter. The hope of possible key interest rate cuts subsequently led to
clear price gains. At €56.80, the shares reached their highest price of the year on December 14, before closing the trading year
not much lower at a price of €54.76. The fourth quarter thus saw an increase of 13.1%.
The market capitalization of Fraport shares, including strategic shareholders not included in the free float, amounted to around
€5.1 billion at the end of the year (previous year: €3.5 billion). After deducting the strategic shareholdings of the State of Hesse,
the City of Frankfurt, Deutsche Lufthansa, and the treasury shares, the index-relevant market capitalization amounted to almost
€2.0 billion (previous year: €1.4 billion). The share was thus, based on market capitalization, the 31st largest stock among the 50
MDAX shares. With an average of 149,982 shares traded daily, the trading volume in 2023 was much lower than the previous
year’s volume of 202,994.
Fraport share
2023
2022
2021
2020
2019
2018
2017
2016
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)
Average trading volume per day (number)
Market capitalization in € million (year-end closing price)
38.05
54.76
+16.71
+43.9
56.80
38.05
49.10
149,680
5,064
59.18
38.05
–21.13
–35.7
67.62
36.20
48.08
202,994
3,518
49.36
59.18
+9.82
+19.9
68.30
43.12
55.58
256,728
5,472
75.78
49.36
–26.42
–34.9
75.50
30.01
44.52
398,143
4,564
62.46
75.78
+13.32
+21.3
78.68
61.44
73.20
128,953
7,007
91.86
62.46
–29.40
–32.0
96.94
61.56
79.18
160,367
5,776
56.17
91.86
+35.69
+63.5
91.86
55.26
74.12
173,015
8,494
58.94
56.17
–2.77
–4.7
58.94
45.25
51.77
173,666
5,192
The shares of other listed European airports performed as follows in 2023:
AENA +39.9 %, Aéroports de Paris -6.4 %, Flughafen Wien +57.3 % and Flughafen Zürich +22.7 %.
34
To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther InformationFraport Annual Report 2023
Fraport Annual Report 2023
Combined Management Report / Situation of the Group
27
2023 development of the Fraport share compared to the market and European competitors
in % (index base 100)
170
160
150
140
130
120
110
100
90
80
January 1, 2023
December 31, 2023
Fraport AG
DAX
MDAX
AENA
Aéroports de Paris
Vienna Airport
Zurich Airport
Source: Nasdaq
Last 10 years development of the Fraport share compared to DAX and MDAX
in % (index base 100)
200
175
150
125
100
75
50
January 1, 2014
Faport AG
MDAX
DAX
Source: Nasdaq
December 31, 2023
35
Fraport Annual Report 2023To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther Information
28
Group Management Report / Situation of the Group
Fraport Annual Report 2023
Development in shareholder structure
Fraport was notified of the following changes in shareholder structure in the past fiscal year:
Notification of voting rights pursuant to Sections 33 and 34 of the German Securities Trading Act (WpHG)
Holders of voting rights 1)
Type of change
Date of change
New share of voting rights
ATLAS Infrastructure Partners (UK) Ltd.
First Maven Pty Ltd.
January 31, 2023
October 6, 2023
Exceeded the 3% threshold
Exceeded the 3% threshold
3.08 %
3.10 %
Shareholder structure as at December 31, 20231)
in %
33.15
Free Float
3.08
ATLAS Infrastructure
Partners (UK) Ltd.
3.08
3.10
First Maven Pty
3.10
Free Float
8.44
Deutsche Lufthansa AG
31.31
20.9
State of Hesse
Stadtwerke
8.44
Deutsche Lufthansa AG
20.92
Stadtwerke Frankfurt am Main
Holding GmbH
1) The relative ownership interests were adjusted to the current total number of shares as at December 31, 2023 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.”
The majority of the approximately 92.5 million shares were held by German regional and local authorities (52.23%). With a share
of 31.31%, the State of Hesse was the largest shareholder in the company, while the City of Frankfurt/Main held 20.92% of the
shares. The voting rights owned by the City of Frankfurt are held indirectly via the Stadtwerke Frankfurt am Main Holding GmbH
subsidiary. Deutsche Lufthansa AG held a share of 8.44%, or over 7.8 million no-par-value shares, making it the third largest
individual shareholder of Fraport AG. Other shareholders that exceeded the statutory threshold of 3% of the outstanding Fraport
shares were First Maven Pty (3.10%) and ATLAS Infrastructure Partners (UK) Ltd., whose respective portfolios are managed in
Australia.
36
To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther InformationFraport Annual Report 2023
Fraport Annual Report 2023
Combined Management Report / Situation of the Group
29
To the extent known, the Fraport shares in free float were spread across the following countries:
Allocation of free float1)
in %
40.7
Countries with lower
share & unknown
0.7
1.2
Switzerland
UK/Ireland
0.9
France
UK/Ireland
2.1
BeNeLux
1.2
GB/Ireland
Norway
24.2
Australia
21.0
21.0
USA/Cana
USA/Canada
5.6
5.6
Germany
Germany
3.6
3.6
France
Nordics
Nordics
2.1
Nordics
BeNeLux
1) Free float = total number of shares as at December 31, 2023 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
Dividend for the 2023 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, and the continued investment into the expansion of capacities, the Executive Board and the Supervisory Board
plan not to propose a dividend payment at the 2024 Annual General Meeting in favor of allocation of the profit earmarked for
distribution for the 2023 fiscal year to revenue reserves.
In the medium term, the Executive Board aims to reintroduce a dividend policy. Before the start of the coronavirus pandemic, this
was a dividend of approximately 40 % to 60 % of the profit attributable to shareholders of Fraport AG. In addition, a second
principle of the Executive Board regarding the dividend per share was to keep the dividend at least stable compared to the
previous year.
37
Fraport Annual Report 2023To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther Information
30
Group Management Report / Situation of the Group
Fraport Annual Report 2023
Investor Relations (IR)
Consistent, timely, and transparent communication with investors and analysts is a top priority for IR work at Fraport AG. The IR
team maintains face-to-face and virtual contact with existing and potential investors as part of roadshows, capital market confer-
ences, or regular meetings, including at the company headquarters at Frankfurt Airport. 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 central themes of the meetings in 2023 were passenger development and forecasts at the Group airports, the impact of rising
interest rates, and the progress in construction of the substantial capital expenditure in Frankfurt and Lima. In this context, the
medium-term development of the free cash flow was also a returning point of discussion. Focus was also put on the strategy of
the international business as well as possible expansions or reductions in the portfolio.
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 2023, 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) In relation to the proposed dividend (2023).
€ million
Number
Number
Number
per share, in €
in %
in €
in €
in €
€ million
in %
2023
2022
924.7
92,468,704
92,391,339
92,391,339
924.7
92,468,704
92,391,339
92,391,339
10.00
+43.9
1.03
4.26
4.26
12.9
0.00
0.00
–
10.00
–35.7
0.99
1.43
1.43
26.6
0.00
0.00
–
DE 000 577 330 3
577 330
FRAG.DE
FRA GR
MDAX, FTSE4Good Index, Deutschland Ethik 30 Aktienindex
38
To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther InformationFraport Annual Report 2023
39
Fraport Annual Report 2023To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther Information HR neo
HRneo is the largest development program in HR in recent years. It aims
to realign the HR department and further increase Fraport´s attractiveness
as an employer. Team spirit within the workforce is also to be strengthened
across the Group through HRneo. The five sub-projects “Leadership,
Culture, Image, Talent & Development”, “Recruitment & Skills”,
“Remuneration & Benefits”, “Processes & Systems” and “Organization,
Efficiency & Realignment” deal with the relevanttopics also with the
involvement of employees.
Following an initial analysis and concept phase, the medium-term program
is currently in the implementation phase.
41
62
84
115
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
132 Outlook Report
Combined
Management Report
for the
2023 Fiscal Year
40
To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther InformationFraport Annual Report 2023 Fraport Annual Report 2023
Combined Management Report / Situation of the Group
31
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 in terms of
the number of passengers carried and metric tonnes of cargo handled. The main site of the Group is Frankfurt Airport, one of the
most important passenger and cargo airports in the world, in respect of which the Group’s parent company, Fraport AG Frankfurt
Airport Services Worldwide (abbreviated: Fraport AG), has an operating permit with no time limit. Beyond the Frankfurt site, the
Group operates on four continents, mainly on the basis of concession agreements at international airports. The main sites outside
Frankfurt, which are designated as “investments in airport operating projects,” include 14 airports in Greece, Lima Airport in Peru,
and two airports in Brazil – Porto Alegre and Fortaleza, as well as Antalya Airport in Turkey (see also the “Key sites” chapter).
As an airport operator, Fraport provides a wide range of operational and administrative services for airport and terminal operations.
Within the framework of the concession agreements, the scope of the services offered varies from contractually binding construc-
tion and expansion activities, administration and control of airport processes, to the management of retail areas. In addition to the
services provided, the concession models differ in terms of their term and the structure of the concession fees to be paid.
The Fraport Group also offers planning and consulting services as well as IT services and facility management. Fraport aims to
ensure that customers are the focus of all its 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 Group generates the majority of its revenue and earnings from the passenger and freight business at each of its sites. Apart
from passengers, its main customers include airlines, tenants of office and retail space, authorities and freight forwarders. Fraport
primarily levies charges for the use of the airport infrastructure, generates income from the development of commercial areas,
and offers additional operational services. Fraport reports the main revenue streams resulting from this as “airport charges,”
“infrastructure charges,” “ground services” and “security services,” “retail,” “real estate” and “parking.” In the area of airport
concessions, revenue from “construction and expansion services in accordance with IFRIC 12” are also reported. In its reporting,
Fraport distinguishes between the following four segments:
• Aviation – holistic management of the terminal facilities and passenger processes at Frankfurt Airport.
• Retail & Real Estate – development and renting of space at the airport and in the area near the airport in Frankfurt. This
primarily includes the retail business, building and space leasing as well as parking management.
• Ground Handling – ground services such as loading, baggage and passenger services as well as 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. 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 broad 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 2023To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther Information
32
Group Management Report / Situation of the Group
Fraport Annual Report 2023
Value generation chain
Airport infrastructure
Financial ressources
Know-how
•
•
•
• Human ressources
•
•
Services and performance
Environmental ressources
• Connectivity
• Mobility
•
Growth driver for
the region
Airport as a workplace
•
Airport infrastructure
Satisfied customers
Know-how & innovation
Profitability & dividends
•
•
•
•
• Climate Protection
Input
Output
Airport Security
Strategy
IT & Digitalization
Supporting functions
Value generation
Ads
Parking Advertising
Real estate
management
Concessions
for retail &
food &
beverage
Terminal
operations
Security checks
Passenger &
freight handling
Airside
operations
International
airport management
& consulting
Governance and compliance
Infrastructure development
Facility management
s
e
c
r
u
o
s
s
e
R
n
a
m
u
H
s
n
o
i
t
a
c
i
n
u
m
m
o
C
g
n
i
s
a
h
c
r
u
P
e
c
n
a
n
i
F
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. The influencing factors can both positively and
negatively affect passenger and freight demand as well as the range of aircraft movements and passenger capacity at Group
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. High inflation rates potentially
reduce disposable income and can have a negative impact on business development. 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, whose functional
currencies are converted into the currency of the Group, the euro.
Price fluctuations on 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. Operating restrictions, such as night flight bans and
noise control measures, as well as travel restrictions and taxes, can have a negative impact on airline offerings. This may also
affect passenger and cargo volume at the affected sites and may contribute to 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
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33
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.
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
After FraSec Fraport Security Services GmbH, a wholly owned subsidiary of Fraport AG, transferred 26% of the shares in FraSec
Aviation Security GmbH, formerly FraSec Luftsicherheit GmbH, to the Dr. Sasse Group in the 2022 fiscal year, FraSec Fraport
Security Services GmbH transferred a further 25% of the capital shares as at January 1, 2023. As a result of the transfer, FraSec
Fraport Security Services GmbH now holds 49% of the capital shares in FraSec Aviation Security GmbH, which has since been
included as a joint venture in the Fraport Group.
As part of a transfer agreement, the German Federal Ministry of the Interior and Community (BMI) has transferred responsibility
for the organization, financing, control and implementation of aviation security checks at Frankfurt Airport to Fraport AG effective
January 1, 2023. Fraport also assumes responsibility for procuring security equipment at Frankfurt Airport and for calculating and
levying aviation security charges from the airlines. In future, the aviation security checks will be carried out at the Frankfurt site by
specialist personnel on behalf of Fraport AG, under the supervision of the German Federal Police.
In September 2023, the Supervisory Board of Fraport AG decided to extend the contract with Dr. Stefan Schulte, Chairman of the
Executive Board of Fraport AG, for an additional three years until August 31, 2027 with effect as of September 1, 2024. In addition,
the Supervisory Board extended the contract with Dr. Pierre Dominique Prümm, Member of the Executive Board and Executive
Director Aviation and Infrastructure, for an additional five years until July 31, 2029 with effect as of August 1, 2024.
Beyond that, no fundamental changes were made to the legal and organizational Group structure in the 2023 fiscal year.
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, 2023 there were 56 consolidated companies excluding
companies accounted for using the equity method, and 78 companies including companies accounted for using the equity method
(in the previous year: 55 and 76 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 (Member of the Executive Board and Executive Director Retail & Real Estate), Julia Kranenberg (Labor Relations
Director), Dr. Pierre Dominique Prümm (Member of the Executive Board and Executive Director Aviation and Infrastructure), and
Prof. Matthias Zieschang (Member of the Executive Board and 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 include the Group companies involved in each of these business processes. The central
units of Fraport AG in Frankfurt are responsible for Group-wide administrative services, among other things.
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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. The Aviation segment
is responsible for ensuring safe, efficient, and customer-oriented processes in the flight operating areas and terminals as well as
the implementation of airport and air safety tasks in compliance with legal requirements.
The Retail & Real Estate segment is responsible in particular for the commercial development of the Frankfurt site,
including the retail activities as well as real estate and land. 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. In addition to the stationary business at Frankfurt Airport, the focus is, among other things, on greater use of online retail
offers and sales channels.
The Ground Handling segment consists of loading, baggage, and passenger services, airmail and luggage transport,
and freight handling at Frankfurt Airport. The segment is primarily responsible for the quality of Frankfurt Airport’s role
as a hub, characterized by transfer processes. The provision of the central infrastructure, in particular the baggage
transfer system, is also allocated to this segment.
The International Activities & Services segment includes in particular the acquisition, operation, development, and
expansion of airports abroad. Consulting services, including in the “Operational Readiness and Airport Transfer” (ORAT)
section, are additionally provided. The segment also includes Fraport AG service units that provide central services for
the Fraport Group.
As at December 31, 2023, 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 “Combined statement
on corporate governance.” The annually updated “Combined Statement on Corporate Governance” does not form part of the
annual audit of the consolidated accounts by the auditor.
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Key sites
Significant Fraport Group airports
Site
Airport
Company
Share in %
Term
Concession charge
Germany
Slovenia
Brazil
Peru
Frankfurt
Ljubljana
Fortaleza
Porto Alegre
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
Lima Airport Partners S.R.L.
Greece
14 Airports
Bulgaria
Türkiye
Varna
Burgas
Antalya
Fraport Regional Airports of Greece A S.A.
Fraport Regional Airports of Greece B S.A.
(below collectively referred to as Fraport Greece2))
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
50/513)
1924 no time limits
2014 no time limits
20471)
2017
20421)
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) The Group company Fraport Regional Airports of Greece Management Company S.A. is included for financial reporting purposes.
3) 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. Regionally, there is competition for passengers
and air freight with airports in the original catchment area. Internationally, Frankfurt Airport competes for domestic and international
transfer passengers and transshipment freight on the basis of its function as an international transfer airport. The main customer
at the Frankfurt site remains the Lufthansa Group, which maintained its share of more than 60% of passengers in Frankfurt in the
2023 fiscal year. The largest competitors for transfer passengers are primarily the hub airports London Heathrow, Paris Charles
de Gaulle, Amsterdam Schiphol, Istanbul, and Munich, which are in particular influenced by the global route networks of their
resident main customers British Airways, Air France-KLM, Turkish Airlines, and Lufthansa Group. Due to the dynamic develop-
ment of many airlines and airports from the Middle East, the Frankfurt site is also in intercontinental competition with these airports.
In particular, the expansion and modernization programs contribute to maintaining and improving the international competitive
position. For example, the northward relocation of the security checks in Terminal 1 should lead to a much improved transfer
process. Terminal 3 (“Expansion South”) should also ensure the long-term landside capacities required to give the site a success-
ful future-oriented competitive 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 flight schedule 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 airport Antalya (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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Competetive position in Europe
Rank1)
2023
2022
2019
Airport
Passengers
delta % Rank1)
2023
2022
2019
Airport
Air freight
delta %
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
2.
1.
3.
4.
5.
6.
7.
8.
12.
11.
1.
5.
2.
3.
6.
4.
7.
10.
11.
13.
LHR - London
IST - Istanbul
CDG - Paris
AMS - Amsterdam
MAD - Madrid
FRA - Frankfurt
BCN - Barcelona
LGW - London
FCO - Rome
SAW - Istanbul
79,183,190
75,899,236
67,424,082
61,889,586
60,181,604
59,355,389
49,883,928
40,902,076
40,494,654
37,097,582
28.5
18.1
17.3
17.9
18.9
21.3
19.9
24.5
38.0
20.5
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
1.
2.
5.
6.
4.
10.
12.
11.
16.
15.
1.
2.
5.
3.
4.
11.
10.
12.
15.
16.
FRA - Frankfurt
CDG - Paris
IST - Istanbul
LHR - London
AMS - Amsterdam
MXP - Milan
MAD - Madrid
BRU - Brussels
MUC - Munich
ZRH - Zurich
1,828,091
1,814,952
1,516,396
1,387,059
1,378,041
665,655
643,534
579,549
277,200
268,164
-5.0
-1.8
6.3
2.7
-4.2
-7.0
13.6
-5.9
7.1
-0.1
1) Ranking according to ACI Europe (February 2024).
Competitive Position Outside the Frankfurt Site
Operator concessions Retail concessions Logistics center Engagement put on hold
The competitive positions of the major airports in the Fraport Group are presented below.
As the airport of the country’s capital, the development of Ljubljana Airport is closely linked to the economic and tourist situation
in Slovenia. As an originating airport, Ljubljana is in particular in competition with airports in its catchment area, such as Zagreb
Airport near the border. Compared to the previous year, the airport recorded a clear recovery in traffic. This is mainly due to
improved connectivity and the resumption of flight connections that were temporarily suspended due to the bankruptcy of Adria
Airways in the fall of 2019 and the impact of the coronavirus pandemic. Alongside a large number of connections to European
capitals and business sites, an increasing number of charter flight connections to tourist regions continued to contribute to the
appeal of the site and the airport.
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Passenger numbers at the two Brazilian airports Porto Alegre and Fortaleza are strongly influenced by domestic originating
traffic. The share of domestic passenger numbers was around 95% in both Fortaleza and Porto Alegre. The three major airlines
LATAM Brazil, GOL and Azul continue to dominate the Brazilian market and accordingly offer numerous connections from Porto
Alegre and Fortaleza. Porto Alegre benefits from its geographical proximity to the economic center of Brazil. Fortaleza Airport is
highly tourist-oriented and is conveniently located for flights to Europe and North America. However, during the year the airport
was affected by the weak development of the economy and a decline in tourist numbers. In addition, GOL has moved part of its
fleet to other Brazilian sites. Freight volumes at both airports developed positively.
The Jorge Chávez Airport in Lima is Peru’s leading airport, and one of the largest airports in South America. The site profits from
its geographical position, which makes the airport an attractive transfer point for traffic between South and North America. LATAM
Airlines Group has the largest share of aircraft movements and passengers at Lima Airport. The largest low-cost airlines at the
site, SKY Airline and Jetsmart, continue to pursue a growth strategy and contribute to positive traffic growth. The expansion project
at the Jorge Chávez Airport includes the construction of a new passenger terminal, a new runway, including aprons and taxiways,
as well as other peripheral infrastructure. This will ensure that sufficient capacity is available for further growth in the South
American aviation market in the future. The second runway and the air traffic control tower started operations in April 2023. The
construction of the new passenger terminal continues to progress. It is scheduled to open at the end of 2024.
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 and
the associated potential for a further increase in demand should continue in the coming years. Despite isolated natural events,
such as the forest fires on Rhodes and Corfu, traffic figures continued to increase and reached a new peak in 2023.
The Black Sea airports in Burgas and Varna are the second- and third-largest passenger airports in Bulgaria after Sofia. The
flight schedule included 64 destinations in Varna and 75 destinations in Burgas in 2023. In addition to charter services, low-cost
transport promises further growth potential. Wizz Air provided the largest share of passengers by far, at around 26%. In 2023, the
airline stationed three aircraft in Varna, two since October 2023. The modular expansion of the terminals at both sites offer suffi-
cient capacity to be able to meet the regional growth expected in the medium term.
Antalya was the second-largest passenger airport in Turkey 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 Turkey. 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 until January 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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Strategy
Long-term market development remains positive despite short-term volatility
Following the worldwide traffic decline caused by the coronavirus pandemic, the volume of traffic is recovering globally. In the
long term, stable growth of the aviation market is expected to continue. Fraport aligns its strategy to the long-term forecasted
development of the global aviation market and its trends. In particular, projected global economic growth and stable world trade
will have a positive impact on the development. The world's growing population, combined with the expanding middle class, which
tends to consume more, are the main factors driving tourism demand. Disproportionate growth is still expected from and in the
economic emerging markets.
Long-term market development
Global economic performance
Growing world population
Growing global gross domestic product and increasing global trade
will promote the development of air traffic
Globalization and a pronounced trend towards private travel
are contributing positively to this development
Forecast for the long-term development of global air traffic underpins growth prospects
Term
Reference
Average annual growth
2019 – 2042
Passenger kilometers sold
2019 – 2042
Passenger kilometers sold
2019 – 2042
Passenger kilometers sold
2019 – 2041
Number of passengers
+ 3.6%
+ 3.7%
+ 3.2%
+ 3.5%
Source
Airbus
Boeing
Embraer
ACI
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Strategic objectives
The vision of the Fraport Group, with its five strategic objectives, serves to implement the mission and remains unchanged despite
short-term volatility:
A description as well as target values and time horizons for the most important financial and important non-financial key figures
can be found in the “Control system” chapter, and the development during the past fiscal year can be found in the “Economic
Report” chapter. The forecast values for the key financial performance indicators for the 2024 fiscal year are included in the
“Outlook Report” chapter. Substantial risks and opportunities 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. Against this background, Fraport is aligning
the company to ensure competitiveness and to participate sustainably in this growth – both at the Frankfurt site and internationally.
Based on this, it is expected that traffic volume at Group airports will follow the general market trend, the aviation value added will
increase, and sustainable EBITDA growth will be achieved in the non-aviation segment. The international business is also
expected to continue to grow 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 according to plan, and the new terminal will open for the 2026 summer flight schedule. The resulting additional
capacity of around 20 million passengers will make it possible to gradually modernize older terminal infrastructure. In particular,
Terminal 2 will be temporarily closed and modernized.
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 business field. Infrastructural expansion areas at Frankfurt Airport, the e-commerce segment, and the forecasted overall
economic upswing are expected to contribute to growth in freight in the coming years.
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Fraport is continuing the expansion measures required to meet capacity that it has begun at international sites. In Peru, expansion
measures are well advanced. The new terminal will be opened at the end of 2024 following the inauguration of the runway and
air traffic control tower. Compared to 23.6 million passengers carried in 2019, the airport’s capacity will be increasing to around
40 million passengers. The terminal at Varna Airport in Bulgaria is also to be expanded in the next few years.
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 (Return on Fraport Assets), net financial debt to EBITDA ratio,
and free cash flow. In view of the dynamic economic environment, Fraport is also focusing on securing Group liquidity in the long
term.
Service-oriented airport operator
Motivated employees, efficient processes and infrastructure that meets current needs ensure that Group airports reach a leading
position in their respective aviation market and underpin the claim of Fraport of having a strong customer and service orientation
at all sites.
As of January 1, 2023, Fraport is responsible for the organization, control, and implementation of aviation security checks at
Frankfurt Airport. This is a substantial milestone in optimizing control of the travel process. In combination with the gradual rollout
of new computer tomography (CT) scanners, queues at security checkpoints will be reduced. Customer experience will improve
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.
In addition to the passengers, airport business partners including airlines, retailers, and logistics specialists are of key importance
to Fraport. Fraport aims to provide its partners Group-wide with a good commercial basis. Processes and interfaces are techno-
logically supported and are intended to be improved continuously. This simplifies and accelerates processes. With the founding
of FraAlliance GmbH, Fraport and Lufthansa have strengthened their strategic and operational cooperation at the Frankfurt site.
The main focus in the reporting period was on improving the gastronomic and retail offerings.
Customer and service orientation will also be continually improved at the other 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. 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
Fraport aims to ensure that Group companies, business fields and services perform with quality and cost structures that can
compete with specialized aviation service providers. Optimized collaboration enables the operating cost to be reduced further and
made more flexible.
In order to support the restart of air traffic and ensure the long-term success of Fraport, the focus is on adapting the organization
and its processes. Among other things, a bundling of ground services in Frankfurt within the framework of a joint operation is
planned. This should improve the quality and profitability of the business model.
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Learning organization & digitalization
Flexible and fast response is part of everyday operations for Fraport. The intention is for risks and opportunities to be recognized
at an early stage, and changes in the market 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 within the Group on specific
airport management issues. One example of this is the “Sustainability X-Change,” in which sustainability experts and managing
directors of the international Group companies and Fraport AG regularly exchange ideas and drive forward joint projects. The
main focus in 2023 was to extend the decarbonization master plan to the Group level.
The volatile business environment in which Fraport operates requires a high level of adaptability from the organization and its
staff. Fraport is increasingly building on digital solutions with collaborative value creation and is thus consistently implementing its
digitalization and innovation strategy. The partnership with Microsoft established as part of the AI@FRA initiative is primarily used
to improve the handling process in flight operations. The first concrete use cases for artificial intelligence are also being worked
on in the administrative area. The basis for this work is, among other things, appropriate data quality. The Data Literacy training
program aims to consistently prepare employees for more data-based work. Fraport considers digitalization and innovation to be
a lever to improve customer satisfaction and financial performance indicators. 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 through-
out the Group.
Being a good neighbor means communal, cultural, and social engagement in the respective regions. At the Group sites, the
regions close to the airport benefit from the economic performance of the airports. Donations or sponsoring activities are carried
out independently by the Group companies.
Active and passive noise abatement serves to reduce 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 field of climate protection, Fraport is pursuing the
goal of reducing Group-wide CO2 emissions to a maximum of 95,000 metric tons by 2030. Fraport aims to be carbon-free by 2045.
No emissions will be compensated. In 2022, the “Decarbonization Master Plan” for Fraport AG was developed as a policy paper
for decarbonization. It derives an overall concept for reducing CO
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 CO2 emissions.
In the 2023 fiscal year, the master plan was also rolled out to the relevant Group companies. Key components include packages
of measures to increase energy efficiency, the conversion of the vehicle fleet to electric drives and the procurement of energy
from renewable sources.
₂
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. For this
purpose, the HRneo strategic program was launched in 2023. It comprehensively addresses the requirements of the personnel
market and aims to position Fraport as a top employer. In this way, Fraport aims to secure its own long-term competitiveness
in an increasingly tight labor market. HRneo takes a holistic view of HR work and will also revise the current understanding
of leadership.
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Comprehensive, integrated occupational health and safety is also an important component of the Fraport Group's understanding
of sustainability.
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”
forms the platform for principles such as freedom from discrimination and equal opportunities. Fraport places particular emphasis
on development measures aimed at increasing the proportion of women in management 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.
Fraport uses the key indicators of employee satisfaction, the proportion of women in management positions, the sickness rate,
and level of CO
emissions to monitor its sustainability activities.
2
Research and Development
Fraport does not conduct research and development in the narrowest sense. Nevertheless, the company is eager to ensure
necessary developments are made and to integrate market proven solutions in a timely manner. The focus therefore lies on
continuously observing markets and technologies in order to identify and implement promising developments at an early stage.
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 com-
mercial balance sheet as at December 31, 2023 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 28.
The shares of Fraport AG are not subject to any restrictions on voting rights under the company statutes or the law. None of the
shares issued by Fraport AG certify any rights that confer special supervisory powers on the holders. In the event of a change of
control following a takeover bid, there are no compensation agreements with members of the Executive Board or employees.
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 Annual General Meeting, 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 Annual General Meeting has to be
passed by a three-quarter majority of the represented capital stock.
The Executive Board is entitled, with the consent of the Supervisory Board, to increase the capital stock on one or more occasions
by up to a total of €458,843,520.00 until May 31, 2026 by issuing up to 45,884,352 new no-par value bearer shares in return for
cash (“Authorized Capital II”). In principle, the shareholders are to be granted a subscription right. The new shares may also be
acquired by a credit institution to be determined by the Executive Board or a company (financial institution) acting in accordance
with the first sentence of Section 53(1) of the German Banking Act (KWG) or the first sentence of Section 53b(1) or Section 53b(7)
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43
KWG or a consortium of such credit or financial institutions with the obligation to offer them to the company’s shareholders for
subscription (indirect subscription right). 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. The Executive Board is authorized to determine, with the consent of the Supervisory Board,
the further details of the capital increase, the further content of the share rights and the terms and conditions of the issue of shares.
The Supervisory Board is authorized to adjust the wording of Section 4 of the company statutes in accordance with the respective
utilization of Authorized Capital II and after the expiration of the authorization period.
The capital stock is conditionally increased by up to €120,209,310.00 through the issue of 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 con-
vertible bonds and/or bonds with warrants or a combination of all these instruments, which are issued by the company in accord-
ance with the authorization up to May 31, 2026 resolved by the Annual General Meeting on June 1, 2021 under agenda item 7 a)
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 beginning 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.
As part of the annual employee stock program, 35,625 shares of Fraport AG were issued in the reporting period, which are subject
to a one-year lock-up period. In addition, each member of the Executive Board is obliged to acquire shares of Fraport AG in the
amount of at least one annual gross base remuneration within a five-year establishment phase in annual installments, and to hold
them permanently during their membership on the Executive Board.
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 on a case-by-case basis.
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, 2023. 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.
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: 20.92%) 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.
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44
Group Management Report / Situation of the Group
Fraport Annual Report 2023
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.”
Combined 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 combined statement on corporate governance pursuant to Section 289f HGB and Section 315d HGB read in conjunc-
tion with Section 289f HGB, in order to enable a general statement on the Group’s corporate governance principles. The combined
statement on corporate governance is published in the “To our shareholders” chapter and on the corporate website at
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 2023 annual financial statements.
Annual General Meeting (AGM)
At the past virtual AGM on May 23, 2023, Fraport received a clear majority from its shareholders on all agenda items. Of the
capital entitled to vote, 73,253,707 no-par-value shares and the same number of voting rights (79.22% of capital) were exercised.
The AGM for the 2023 fiscal year will be held on May 28, 2024 as an in person meeting.
Control system
The “Control system” chapter explains the key indicators used by the Executive Board to make the corporate measures taken
as part of the Group strategy measurable and to evaluate them
Changes compared with the previous year
The following changes were made to the Group’s control system in the 2023 fiscal year. The “Non-financial performance indica-
tors” section is part of the “Combined non-financial statement.” As in the previous year, the non-financial performance indicators
are still presented in this chapter. The Executive Board dealt with the requirements of the Corporate Sustainability Reporting
Directive (CSRD). In preparation for the implementation, the control system was determined and checked to ensure it was up to
date. The first step was to analyze and define the non-financial performance indicators. A comprehensive revision of the control
system, along with the adoption of the materiality matrix and the further development of the Fraport.2030 Group strategy, is
planned for 2024 (see also the “Business outlook” chapter). The relevance of the key financial performance indicators to control
activities was confirmed for the 2023 fiscal year.
As planned, the employee satisfaction indicator was not measured during the reporting period. The focus is on the development
and implementation of measures derived from the last survey in 2022.
Beginning with the reporting for the 2023 fiscal year, the Executive Board will focus on the following financial and non-financial
performance indicators, the developments of which are presented in the “Group results of operations,” “Asset and financial posi-
tion,” “Value management,” and “Non-financial performance indicators” chapters. Corresponding forecasts for the key financial
performance indicators have been stated in the “Business outlook” chapter.
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Financial performance indicators
Overview financial key performance indicators
Topic
Target
Key figure
Earnings position/
Assets and financial position
We generate
long-term earnings
growth and maintain
financial strength at a
high level despite
future investments.
EBITDA
(€ million)
Group result
(€ million)
Free Cash Flow
(€ million)
Group liqudity
(€ million)
Net financial
debt to EBITDA
ROFRA (%)
Net profit
(€ million)
Liquidity
(€ million)
Term
Target level
Value 2023
Scope
Group
Group
Group
Group
Group
2024
2024
2024
Between roughly
€1,260 million and
around €1,360 million
Between around
€435 million and
roughly €530 million
Negative mid
three-digit
million € amount
> €1 billion,
temporarily
clearly higher
Max. 5x
Long term
Long term
>WACC (2023: 7.6 %)
Group
Long term
Fraport AG
Long term
Fraport AG
Long term
Between around
€300 million and
roughly €350 million
> €1 billion,
temporarily
clearly higher
1,204.0
430.5
–656.4
4,041.3
6.4
6.6
329.1
3,285.6
For Fraport, the growth-oriented development of financial performance indicators is critical for the long-term success of the com-
pany. The overriding importance of these indicators is reflected in the Group strategy as a set of criteria for the Group objectives
“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 support this.
Fraport 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 (value management), as key financial perfor-
mance indicators. 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 2024 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 relevant for the Executive Board in relation to the company’s long-term management.
The most important financial performance indicators for Fraport are EBITDA and the Group result.
EBITDA and, indirectly, the Group result through the earnings per share (EPS) are a component of the Executive Board remuner-
ation and underline the relevance of these financial key figures as a control element.
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Group Management Report / Situation of the Group
Fraport Annual Report 2023
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. Net financial debt consists of long-term and short-
term financial liabilities less Group liquidity. The Executive Board has decided on a ratio of a maximum of 5 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.
Free cash flow is the result of the cash flow from operating activities less the effects resulting from the application of IFRS 16,
investments in airport operating projects, capital expenditure for other intangible assets, capital expenditure in property, plant, and
equipment, investments for “investment property” and capital expenditure in companies accounted for using the equity method,
plus dividends from companies accounted for using the equity method. The free cash flow provides information about the financial
funds 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 capital expenditure for expansion activities in Frankfurt and internationally, as well as the after-effects of the coronavirus
pandemic on the operating activities of Fraport, the free cash flow continues to be extraordinarily burdened and temporarily
negative. In the medium term, the aim is to achieve a clear increase in free cash flow in positive territory.
Group liquidity includes cash and cash equivalents (as at the statement of financial position) plus short-term realizable items in
“other financial assets” and “other receivables and financial assets.” This key figure 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 tempo-
rarily significantly higher level of liquidity is being maintained.
Links between the results of operations and the asset and financial position (value management)
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.
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).
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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 costs.
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.
Other important key indicators for the results of operations
The passenger numbers at the Group sites are of particular importance for the financial development of Fraport. Closely related
to this, revenue is an important key indicator for measuring the performance of the Group. Details on this can be found in the
Group notes, note 5, and Fraport AG’s Notes, note 5. In order to limit fluctuations in connection with the recognition of expansion
obligations in the balance sheet and thus show organic growth, revenue is adjusted for effects from the application of IFRIC 12
“Service Concession Agreements” and reported separately as the key figure Revenue adjusted for IFRIC 12. EBIT – the oper-
ating result before interest and taxes – is also an important indicator for measuring the operating result in the Group.
At Fraport AG level, net income is a key figure of great importance for the development of shareholders’ equity and profit
earmarked for distribution. The liquidity of Fraport AG is also relevant for management. Against the background of the capital-
intensive expansion at the Frankfurt site and the international business as well as the temporarily high net financial debt, the
Executive Board is aiming for minimum liquidity that is well above the long-term target of €1 billion.
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Group Management Report / Situation of the Group
Fraport Annual Report 2023
Value added
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.
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 7.6% (before
taxes, 2022: 7.3%). 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 regulatory WACC is composed as follows:
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Combined Management Report / Situation of the Group
Combined Management Report / Situation of the Group
49
49
Non-financial Performance Indicators1
Non-financial Performance Indicators1
Overview non-financial key performance indicators
Topic
Overview non-financial key performance indicators
Target
Key figure
Topic
Customer satisfaction and
product quality
Customer satisfaction and
product quality
Attractive and responsible
employer
Attractive and responsible
employer
Target
We continuously
optimize customer and
We continuously
service orientation at
optimize customer and
the Group airports.
service orientation at
the Group airports.
We create
good working
We create
conditions and increase
good working
employee satisfaction.
conditions and increase
We increase
employee satisfaction.
the share of women
We increase
in management
the share of women
positions.
in management
positions.
Key figure
Global satisfaction of
passengers (%)
Global satisfaction of
Global satisfaction of
passengers (%)
passengers (%)
Global satisfaction of
Baggage connectivity
passengers (%)
(%)
Baggage connectivity
Employee satisfaction 1)
(%)
Employee satisfaction 1)
Women in
management positions
Women in
(first level
management positions
below the Executive
(first level
Board) (%)
below the Executive
Women in
Board) (%)
management positions
Women in
(second level
management positions
below the Executive
(second level
Board) (%)
below the Executive
Women in
Board) (%)
management positions
Women in
(first level
management positions
below the Executive
(first level
Board) (%)
below the Executive
Women in
Board) (%)
management positions
Women in
(second level
management positions
below the Executive
(second level
Board) (%)
below the Executive
Sickness rate (%)
Board) (%)
Sickness rate (%)
CO2 emissions (total of
scope 1 and 2) (t)
CO2 emissions (total of
scope 1 and 2) (t)
Scope
Scope
Group
Group
Fraport AG
Fraport AG
Frankfurt Airport
Frankfurt Airport
Group 2)
Group 2)
Fraport AG
Fraport AG
Group
(Germany) 4)
Group
(Germany) 4)
Group
(Germany) 4)
Group
(Germany) 4)
Fraport AG
Fraport AG
Fraport AG
Fraport AG
Group
(Germany) 4)
Group
Fraport AG
(Germany) 4)
Fraport AG
Group 6)
Fraport AG
Group 6)
Fraport AG
Term
Term
2026
2026
2026
2026
2026
2026
2026
2026
2026
2026
2026
2026
2026
2026
2026
2026
2026
2026
2025
2025
2025
Target level
Value 2023
Target level
>80
Value 2023
74
>80
>80
>80
>98.5
>98.5
>4.9 and at least 0.1
better than 2024
>4.9 and at least 0.1
>4.8 and at least 0.1
better than 2024
better than 2024
>4.8 and at least 0.1
30.8
better than 2024
30.8
30.2
30.2
31.8
31.8
30.9
30.9
<7.2
<7.2
<7.2
74
67
67
95.8
95.8
4.763)
4.763)
4.643)
4.643)
24.4
24.4
33.9
33.9
23.8
23.8
31.8
31.8
8.7
8.7
7.1
2025
2030
2030
2030
2030
<7.2
95,000 5)
50,000 5)
95,000 5)
50,000 5)
7.1
158,0657)
117,4807)
158,0657)
117,4807)
Occupational health
and safety
Occupational health
and safety
Climate protection
Climate protection
We stabilize the
sickness rate in the
We stabilize the
medium term and
sickness rate in the
reduce it in the
medium term and
long term.
reduce it in the
We reduce the
long term.
CO2 emissions.
We reduce the
CO2 emissions.
1) Employee satisfaction was not surveyed in 2023 as planned. The next scheduled survey will take place in 2024.
2) Employee satisfaction: Includes Fraport AG and the German Group companies as well as Fraport Slovenija, Twin Star, Fortaleza, Porto Alegre,
1) Employee satisfaction was not surveyed in 2023 as planned. The next scheduled survey will take place in 2024.
Lima, Fraport Greece and Fraport USA.
2) Employee satisfaction: Includes Fraport AG and the German Group companies as well as Fraport Slovenija, Twin Star, Fortaleza, Porto Alegre,
3) Values 2022.
Lima, Fraport Greece and Fraport USA.
4) Includes Fraport AG and the fully consolidated German Group companies.
3) Values 2022.
5) Target value 2045: 0 t CO2 ("Net Zero Carbon" according to the Intergovernmental Panel on Climate Change).
4) Includes Fraport AG and the fully consolidated German Group companies.
6) Includes Fraport AG and the Group companies Facility Services, Fraport Ground Services, FraCareS, Expansion South, FraSec Group (three companies in 2022;
5) Target value 2045: 0 t CO2 ("Net Zero Carbon" according to the Intergovernmental Panel on Climate Change).
two companies in 2023), Media, Fraport Greece, Fraport Slovenija, Lima, Fortaleza, Porto Alegre and Twin Star.
6) Includes Fraport AG and the Group companies Facility Services, Fraport Ground Services, FraCareS, Expansion South, FraSec Group (three companies in 2022;
7) Subsequent verifications may result in changes to the values.
two companies in 2023), Media, Fraport Greece, Fraport Slovenija, Lima, Fortaleza, Porto Alegre and Twin Star.
7) Subsequent verifications may result in changes to the values.
50
In addition to the key figures for its financial development, Fraport measures the development of “Non-financial performance
indicators,” which are also relevant for the long-term success of the company and result primarily from the Group objectives
In addition to the key figures for its financial development, Fraport measures the development of “Non-financial performance
“Service-oriented airport operator” and “Fairness and recognition for partners and neighbors” in the Group strategy.
indicators,” which are also relevant 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” in the Group strategy.
The description of the development of the 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 statement”
The description of the development of the important non-financial performance indicators during the past fiscal year as well as the
chapters.
implemented measures are presented in the “Non-financial performance indicators” and “Combined non-financial statement”
Fraport Annual Report 2023
Group Management Report / Situation of the Group
chapters.
Customer satisfaction and product quality
For Fraport, the quality of performed services and the associated customer satisfaction are decisive competitive factors and of
Customer satisfaction and product quality
key significance for the long-term success of the business. The clear objective is to raise the company’s own quality and customer
For Fraport, the quality of performed services and the associated customer satisfaction are decisive competitive factors and of
satisfaction to a high level. Fraport uses performance indicators for the purposes of measurement and control. The key indicators
key significance for the long-term success of the business. The clear objective is to raise the company’s own quality and customer
include the global satisfaction of passengers and baggage connectivity.
1 Part of the combined Non-Financial Statement
Global satisfaction describes passengers’ satisfaction with the services and processes offered and the service at Fraport air-
1 Part of the combined Non-Financial Statement
ports. It is collected as part of continuous passenger surveys at all fully consolidated Group airports. The Group global satisfaction
indicator is the weighted average of the global satisfaction in Frankfurt and at the fully consolidated international airports.
59
The target value for global satisfaction of 80% for Frankfurt Airport remained unchanged for fiscal year 2023. This target value is
to be maintained at least until the inauguration of Terminal 3. The target value for Group global satisfaction also remained
unchanged at 80% after the survey was resumed in the 2023 fiscal year.
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
a good quality of baggage processes. The objective remains the achievement of a long-term baggage connectivity of more than
98.5%.
Attractive and responsible employer
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 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. As of the 2022 reporting year, the key figure is measured every two
years on the basis of an extensive survey of the employees of Fraport AG and the Group companies. All labor-intensive Group
companies in Frankfurt and in Greece, Slovenia, Bulgaria, Peru, Brazil and the USA participate in the survey. 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. If this figure is already reached in 2024, the
aim is to improve the 2026 survey result by at least 0.1. The Group is to achieve at least a value of 4.9. Here, too, the value should
be at least 0.1 higher than in 2024.
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 is systematically addressed
within the framework of diversity management. Fraport AG places particular focus on promoting women in management posi-
tions 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 is also in line with the objective of the “Act to Supplement and Amend the Regulations
for the Equal Participation of Women in Management Positions in the Private and Public Sector” (FüPoG II). For reporting pur-
poses, 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 catego-
rized 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 management level below
that 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
effectiveness of the measures for health management using, among other things, the sickness rate. The calculation excluding
illness-related absences beyond sick pay (extended sick leave) 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,
Fraport Annual Report 2023To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther Information
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Group Management Report / Situation of the Group
Fraport Annual Report 2023
satisfaction to a high level. 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 service at Fraport air-
ports. It is collected as part of continuous passenger surveys at all fully consolidated Group airports. The Group global satisfaction
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 2023. This target value is
to be maintained at least until the inauguration of Terminal 3. The target value for Group global satisfaction also remained
unchanged at 80% after the survey was resumed in the 2023 fiscal year.
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
a good quality of baggage processes. The objective remains the achievement of a long-term baggage connectivity of more than
98.5%.
Attractive and responsible employer
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 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. As of the 2022 reporting year, the key figure is measured every two
years on the basis of an extensive survey of the employees of Fraport AG and the Group companies. All labor-intensive Group
companies in Frankfurt and in Greece, Slovenia, Bulgaria, Peru, Brazil and the USA participate in the survey. 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. If this figure is already reached in 2024, the
aim is to improve the 2026 survey result by at least 0.1. The Group is to achieve at least a value of 4.9. Here, too, the value should
be at least 0.1 higher than in 2024.
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 is systematically addressed
within the framework of diversity management. Fraport AG places particular focus on promoting women in management posi-
tions 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 is also in line with the objective of the “Act to Supplement and Amend the Regulations
for the Equal Participation of Women in Management Positions in the Private and Public Sector” (FüPoG II). For reporting pur-
poses, 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 catego-
rized 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 management level below
that 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
effectiveness of the measures for health management using, among other things, the sickness rate. The calculation excluding
illness-related absences beyond sick pay (extended sick leave) 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,
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51
the Executive Board has limited the Group sickness rate to the German Group companies. Due to different regional legal regula-
tions, but also due to the personnel structures that differ in the German Group companies, the sickness rate in the international
Group companies plays a more 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.
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. The continuous implementation of this master plan for Fraport AG started back in 2022, and it was
rolled out within the Group in 2023. The aim is 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). Information on CO2 emissions is based in part on estimates, assumptions and projections and in part
comes from external energy service providers.
Finance Management
The core objectives of finance management of Fraport AG are securing liquidity, limiting financial risks, achieving an appro-
priate level of profitability, and ensuring flexibility. The highest priority is to secure liquidity. Based on the Group’s solid share-
holders’ 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, 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 secure its independence from financing sources. The significant financing measures at Fraport AG are related mainly
to 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. Appropriate financing instruments are selected based on the
situation, depending on the attractiveness of the price as well as 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 company’s 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 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 necessary. At the same
time, the close connection of these Group companies to Fraport AG should also ensure that attention is paid to further 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
provided 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.
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Group Management Report / Economic Report
Fraport Annual Report 2023
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 chapter “Supplementary Management Report on the Separate Financial Statements of Fraport AG”.
The non-financial report complies with the commercial law requirements and was prepared in accordance with Sections 289c to
289e the German Commercial Code (HGB), Sections 315c in conjunction with 289c to 289e HGB and Article 8 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 and the Delegated Acts issued thereunder. It is
integrated in the combined management report and can be found in the chapter “Combined Non-Financial Statement”.
The section “Non-financial performance indicators” is shown as part of the “Combined Non-Financial Statement” in the 2023 fiscal
year. As in the previous year, the section is presented in the Economic Report.
Group accounting takes account of the International Financial Reporting Standards (IFRS) in force on the reporting date
(December 31, 2023) 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).
The Executive Board prepared the combined management report as of December 31, 2023, at its meeting on March 12, 2024,
presented the prepared consolidated financial statements to the audit committee and the Supervisory Board for review and
approval and released them for publication on March 19,2024.
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General Statement by the Executive Board
In the past fiscal year, most of the Group airports recorded an increase in passenger numbers compared to the previous year.
Accordingly, Group revenue amounted to €4,005.5 million, an increase of €806.1 million over the previous year (+25.2%). Adjusted
for contract revenue from construction and expansion services based on the application of IFRIC 12, revenue increased by
€621.8 million to €3,485.1 million (+21.7%).
Due to high one-off effects in the previous year, other operating income decreased to €59.0 million in the reporting period, down
€80.3 million on the previous year.
Operating expenses (personnel expenses and cost of materials as well as other operating expenses) increased by €562.2 million
to €2,906.0 million. Adjusted for expenses related to the application of IFRIC 12, operating expenses stood at €2,390.6 million
(+€377.9 million). Group EBITDA was €174.2 million higher than in the previous year at €1,204.0 million thanks to the positive
operating development. The financial result improved to –€148.9 million (previous year: –€330.6 million) and resulted in a Group
result of €430.5 million (previous year: €166.6 million).
As a result of the increase in operating result, cash flow from operating activities increased to €863.2 million (previous year:
€787.3 million). The free cash flow improved to –€656.4 million (previous year: –€741.0 million). Group liquidity increased by
€174.4 million to €4,041.3 million.
The operational challenges at Frankfurt Airport had a negative effect on the development of non-financial performance indicators
such as global satisfaction of passengers and baggage connectivity. In contrast, CO2 emissions came down despite the higher
passenger numbers compared to the previous year.
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
The global economy lost momentum during the course of the 2023. The global industrial economy was in a weak phase due to
sluggish demand globally, and world trade was thus also subdued. Even the trend of decreasing inflation did not provide con-
sumption impulses, and the interest rate hikes of many central banks put a damper on the willingness to invest. The geopolitical
crises worldwide provided uncertainty.
Consumer demand from private households was weaker in the Eurozone given the less favorable trend in real wages. In addition,
the energy price shock from the previous year continues to burden the industrial economy, in particular in Central Europe.
The export-oriented German economy suffered under the global economic weakness and slipped into a recession. The loss of
purchasing power and the continued consumer uncertainty slowed down private consumption. Besides industry, value creation in
construction and trade also declined. On the whole, the German economy performed weaker than the European average.
In the US, the economy proved to be robust, contrary to expectations. Despite the restrictive monetary policy, consumer sentiment
remained positive. Inflationary pressure in emerging markets declined noticeably during the course of the year. The development
within this group was mixed. In China, the economy was negatively affected in particular by the downturn in the real estate market
and the debt overhang, despite government support measures.
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Gross domestic product (GDP)/world trade1)
Real changes compared to the previous year in %
World
Eurozone
Germany
USA
Latin America (incl. Caribbean)
China
Japan
World trade
1) 2023 and 2022 figures: Data and estimates based on International Monetary Fund (IMF, January 2024);
German GDP: The Federal Statistical Office, Press release (January 15, 2024).
The price of crude oil and the exchange rates for the Fraport Group developed as follows in 2023:
Significant exchange rates for Fraport and crude oil price 2023
Values at index base 100
Values at index base 100
2023
+3.1
+0.5
–0.3
+2.5
+2.5
+5.2
+1.9
+0.4
2022
+3.5
+3.4
+1.8
+1.9
+4.2
+3.0
+1.0
+5.2
110
105
100
95
90
120
110
100
90
80
January 1, 2023
December 31, 2023
January 1, 2023
December 31, 2023
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 conditions with 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 28.3% in the
period from January to November 2023 compared to the same period the previous year. Air freight volume fell by 3.7%. European
airports also recorded an increase in passenger numbers of 18.9%. In terms of air freight, European airports posted a decline of
4.8%. The passenger numbers at German airports recovered by 19.9%. Cargo tonnage decreased by 7.2%.
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Passenger and cargo development by region 2023
Changes compared to the previous year in %
Germany
Europe
North America
Latin America
Near/Middle East
Asia-Pacific
Africa
World
Passengers 2023
January until Novem-
ber
Air freight 2023
January until Novem-
ber
+19.9
+18.9
+12.2
+14.7
+30.7
+76.6
+21.0
+28.3
–7.2
–4.8
–7.4
+0.7
+2.8
–1.6
+5.3
–3.7
Source: ACI Pax Flash and Freight Flash (ACI 11/2023, January 25, 2024), ADV for Germany; cargo instead of air freight (ADV 11/2023, as on January 15, 2024).
Business Development
Development at the Frankfurt site
With traffic of around 59.4 million passengers, Frankfurt Airport achieved growth of 21.3% in the 2023 fiscal year compared to
2022. Measured against the traffic volume of pre-crisis year 2019, this was equivalent to a recovery of around 84%. In addition to
the dominating holiday travel volume, business travel gained momentum during the course of the year. Western European and
intercontinental destinations benefited from this in particular. However, domestic travel also increasingly recovered primarily due
to the feeder traffic function, it remained around 30% below the pre-crisis level however. European traffic gained around 16%
compared to 2022. Intercontinental traffic increased by 28.1% compared to the previous year. This was mainly due to the North
America traffic that was almost at the pre-COVID level. Far East traffic grew dynamically by +76.8% compared to the previous
year, in particular due to recovery in the China traffic.
Cargo volume declined by 5.0% to around 1.9 million metric tons compared to 2022. Compared to 2019, this meant a reduction
in tonnage of 10.6%. Demand in the overall economy remained weak. Increasing interest rates had a negative impact on capital
expenditure in the industry and persistently high inflation curbed demand.
With 430,436 aircraft movements, growth of just under 13%, or almost, 50,000 flights, compared to the previous year was
achieved. This was equivalent to a level of 84% measured against the pre-crisis year 2019. With 394,869 flights, passenger flights
in 2023 recovered by a share of around 82% compared to 2019. The occupancy rate for passenger flights achieved new highs
almost every month, which resulted in the highest occupancy rates in the history of the airport for 2023 as a whole. The seat load
factor of around 81% was approximately three percentage points above the previous year’s figure. The quotient passengers per
passenger aircraft movement increased by around 5% to a high of 150.3. Maximum take-off weights increased compared to
the previous year by 11.4% to 27.0 million metric tons, thus reaching 85% of the year 2019.
Development outside the Frankfurt site
The passenger volume at Ljubljana Airport grew by 30.9% to around 1.3 million passengers compared to the previous year. This
positive development is primarily due to the resumption of flight connections, which had been suspended due to the temporary
insolvency of Adria Airways in autumn 2019 and the effects of the coronavirus pandemic.
Passenger numbers at the Brazilian airports Fortaleza and Porto Alegre developed in opposite directions due to differing
circumstances during the course of the year. In Fortaleza, the decrease in domestic tourist travel and the pullout of some GOL
connections were the main reasons for the reduction in domestic passenger numbers. In contrast, Porto Alegre recorded an
increase in domestic passenger numbers due to its geographical proximity to important Brazilian aviation hubs in São Paulo and
its relevance as an industrial location in southern Brazil. The development of international traffic was positive at both airports. The
frequencies and routes on international lines rose successively in particular in South America. On the whole, both airports recorded
passenger numbers of 13.1 million passengers. This corresponds to growth of +5.4% compared to 2022. Fortaleza welcomed
5.3 million domestic passengers (–4.5%) and around 0.3 million international passengers (+26.0%) in the year as a whole. Porto
Alegre recorded 7.1 million domestic passengers (+10.9%) and around 0.4 million international passengers (+53.0%).
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With around 21.2 million passengers in 2023, Lima Airport recorded an increase in traffic compared to the previous year (+14.1%)
despite the effects of the political situation in the first half of the year domestic passenger operations recorded around 13.1 million
passengers (+11.7%). In the international segment, the airport recorded growth in particular with the connections to North America
and Europe. International traffic therefore also made a positive contribution to growth with 8.1 million passengers (+18.2%).
With around 33.9 million passengers, Fraport Greece recorded an increase of around 11.8% in the 2023 reporting period
compared to the adjusted previous year’s figure of around 30.3 million passengers (adjusted value in the 2022 Annual Report:
31.2 million passengers). Passenger numbers were already above the respective previous year’s figures at the beginning of the
year. This trend continued during the important main tourist season and the entire year. Overall, domestic traffic was 17.0% above
the previous year’s level, while international traffic grew by 6.5%. The largest number of foreign passengers in terms of total
passengers came from Great Britain (around 20%), followed by Germany (around 14%), and Italy (around 6%).
At the Bulgarian airports in Varna and Burgas operated by Fraport Twin Star, the number of passengers in 2023 increased to
approximately 3.7 million, 17.9% above the previous year’s figure. The overall recovery in traffic after the pandemic was weaker
than at other tourist airports in Europe in 2023. In particular, the charter business in Burgas developed below expectations. From
the end of February, the war in Ukraine and Israel resulted in a shortfall of Ukrainian, Belarusian, Russian and Israeli passengers,
which was partly offset by higher demand from Central and Eastern European countries. In addition, more traffic in the off-season
in the first half of the year was recorded. For the year as a whole, this led to an increase in both domestic (+6%) and international
passenger numbers (+19%) compared to the previous year. Most of the passengers came from Germany (around 20%), Poland
(around 17%), and Great Britain (around 15%).
Passenger numbers at Antalya Airport in the 2023 fiscal year were around 35.7 million passengers (previous year: 31.1 million).
This surpassed the previous record passenger numbers from 2019. International passenger traffic showed a growth rate of
+17.1%, while domestic traffic grew by +5.9%. Compared to the previous year, almost all relevant international passenger groups
achieved double-digit growth rates. The passenger numbers from Poland, Romania and Germany had particularly strong growth.
Due to the war, no passengers were recorded for Ukraine. The largest passenger groups were travelers from Germany (approxi-
mately 28%), Russia (approximately 22%), and Great Britain (approximately 10%).
Traffic development at the signifikant Group sites
Frankfurt
Ljubljana
Fortaleza
Porto Alegre
Lima
Fraport Greece
Fraport Twin Star
Antalya
Share in %
Passengers1)
Change in %2)
Cargo (air freight + air mail in m. t.)
Change in %2)
2023
2023
100
100
100
100
80.01
65
60
51/503)
59,355,389
1,270,382
5,589,563
7,492,866
21,246,660
33,870,682
3,686,997
35,735,407
+21.3
+30.9
– 3.3
+12.7
+14.1
+11.8
+17.9
+15.0
1,869,090
11,443
45,911
40,422
213,775
5,927
2,618
n.a.
– 5.0
– 8.3
+9.9
+4.9
– 2.2
+4.8
– 58.8
n.a.
2023
430,436
22,749
53,199
72,634
170,515
264,744
27,024
222,235
Movements
Change in %2)
+12.6
+5.5
– 2.0
+9.4
+13.7
+4.9
+14.0
+14.8
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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Comparison with the forecasted passenger development
2023 Adjustments during the year Interim Re-
Forecast 2022
20221)
2019
port Q2/6M 2023
59,355,389 Middle of the given forecast
1,270,382 –
5,589,563 –
7,492,866 –
21,246,660 –
33,870,682
Passenger numbers above previous
year's level
3,686,997 –
35,735,407 –
Passenger growth of over 80% to
around 90% of the 2019 level
Approximately 75% of the passenger
volume in 2019
Further recovery compared to 2022
Further recovery compared to 2022
Further recovery compared to 2022
Approximately at previous yeahr high
level
Further recovery compared to 2022
Further recovery towards pre-crisis level
48,918,482
70,556,072
970,152
5,778,038
6,654,062
18,619,536
31,193,278
3,127,767
31,077,452
1,721,355
7,218,697
8,298,205
23,578,600
30,152,728
4,970,095
35,483,190
Frankfurt
Ljubljana
Fortaleza
Porto Alegre
Lima
Fraport Greece
Fraport Twin Star
Antalya
1) As a result of late submissions, there may be changes to the figures reported for the previous year.
Passenger traffic at the Group airports predominantly developed within the forecasts provided in the 2022 Annual Report and
adjusted in the second quarter/half-yearly report 2023. Due to the lower number of domestic passengers, the forecast for Fortaleza
Airport could not be achieved.
Group's Results of Operations
Revenue
At €4,000.5 million, revenue in the Fraport Group in the 2023 fiscal year was above the previous year’s figure by €806.1 million.
Adjusted for contract revenue from construction and expansion services based on the application of IFRIC 12, revenue increased
by €621.8 million to €3,485.1 million.
The increase at the Frankfurt site mainly resulted from higher revenue from airport charges (+€196.0 million) as well as higher
revenue from infrastructure charges (+€76.4 million) and ground services (+€51.6 million) based on traffic volumes and prices.
The retail and parking revenue also increased by +€33.1 million and +€22.7 million respectively based on traffic volume. Due to
the take-over of the management of aviation security checks at the Frankfurt site at the beginning of the fiscal year, revenue from
aviation security charges of €220.8 million was achieved for the first time in the reporting period. In contrast, revenue from security
services decreased by €155.3 million compared to the previous year as a result of the deconsolidation of the Group company
FraSec Aviation Security GmbH as at January 1, 2023.
Among the international Group airports, contributions to adjusted revenue growth came, in particular, from Fraport Greece
(+€74.8 million) and the Group company Lima (+€48.5 million) based on the positive traffic developments.
Other operating income
At €59.0 million, other operating income was below the previous year by €80.3 million.
In the reporting period, the two Brazilian Group companies reached a further agreement regarding compensation for the effects
of the coronavirus pandemic. The reimbursement claims realized amounted to a total of €18.6 million. Furthermore, other operat-
ing income was positively impacted by a total of €11.1 million due to the pro-rata disposal and the associated deconsolidation of
the Group company FraSec Aviation Security GmbH as at January 1, 2023, as well as the recognition of the remaining shares
(49%) at fair value. Moreover, income of €11.0 million resulted from the settlement of a legal dispute at the Group company Fraport
USA in connection with the early termination of the retail concession agreement in Pittsburgh.
In contrast, other operating income in the prior year period was impacted positively impacted 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, other operating income in the previous year included reimbursement claims for Fraport Greece (€23.6 million) and the
Brazilian Group companies (€18.5 million).
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Expenses
Personnel expenses in the Group increased in the 2023 fiscal year by €39.3 million to €1,076.0 million. Despite a lower average
number of employees, the increase is primarily due to increases in the collective bargaining agreement at the Frankfurt site.
Non-staff costs (cost of materials and other operating expenses) were €1,830.0 million (+€522.9 million). Adjusted for expenses
related to the application of IFRIC 12, non-staff expenses were €1,314.6 million (+€338.6 million). The increase is mainly attribut-
able to higher external services costs (+€224.7 million), primarily in connection with taking over the management of security
checks at Frankfurt Airport. In addition, based on traffic volume, higher variable concession charges at the International Group
companies (+€69.4 million) and higher expenses for maintenance (+€33.0 million) as well as utility services (+€14.5 million)
contributed to the increase in the cost of materials.
EBITDA and EBIT
At €1,204.0 million, Group EBITDA was €174.2 million above the level in the same period of the previous year. Greater depreci-
ation and amortization of €501.2 million (+€35.9 million) resulted in Group EBIT of €702.8 million (+€138.3 million).
Financial result
The financial result in the reporting period amounted to –€148.9 million (previous year: –€330.6 million). The change compared
to the same period of the previous year is essentially due to the other financial result. This was negatively impacted in the previous
year by the full write-off of a loan made to Thalita Trading Ltd. in the amount of €163.3 million in connection with the investment
in St. Petersburg Airport.
Interest income increased by €47.9 million in the 2023 fiscal year compared to the previous year, primarily due to higher interest
from call and time deposits. The interest expenses of –€317.9 million in the reporting period were €4.4 million below the previous
year (previous year: –€315.5 million). This was, in particular, a result from higher financing costs at Fraport AG. This was offset
by one-off effects in the previous year amounting to –€19.3 million in connection with the refinancing in Greece.
The result from companies accounted for using the equity method increased by €7.5 million to €84.5 million. This is in particular
due to be increase in earnings of the operating company in Antalya (+€22.0 million). The positive one-off effect in the previous
year in connection with the write-up of the shares in the Group company Xi’an due to the sale in the amount of €20.0 million was
clearly overcompensated by this.
EBT, Group result, and EPS
EBT in the reporting period amounted to €553.9 million (previous year: €233.9 million). With a consolidated tax rate of 22.3%, the
income tax expense amounted to €123.4 million (previous year: €67.3 million). The Group result was €430.5 million (previous
year: €166.6 million). This resulted in basic earnings per share of €4.26 (previous year: €1.43).
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
2023
4,000.5
3,485.1
1,076.0
1,637.3
1,204.0
501.2
702.8
430.5
18,057
17,840
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
Change
Change in %
+806.1
+621.8
+39.3
+535.7
+174.2
+35.9
+138.3
+263.9
–1,154
–1,010
+25.2
+21.7
+3.8
+48.6
+16.9
+7.7
+24.5
> 100
–6.0
–5.4
68
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59
Comparison with the forecasted development
€ million
2023 Adjustments during the year
Interim Report Q2/6M 2023
Forecast 2022
2022
Change
Change in %
EBITDA
Group result
Dividend per share in €
1,204.0
430.5
In the upper range of the fore-
casts
In the upper range of the fore-
casts
0.00 –
Between approximately €1,040
million and approximately
€1,200 million
Between about €300 million and
up to about €420 million
No distribution
+1,029.8
+174.2
+166.6
0.0
+263.9
0.0
+16.9
> 100
–
The key figures EBITDA and the Group result trended at the upper end or slightly above the forecast provided in the
2022 Annual Report.
Results of Operations for Segments
Revenue in the 2023 fiscal year in the Aviation segment increased by €270.7 million to €1,098.8 million (+32.7%).
Higher revenue from airport charges (+€196.0 million) based on the higher traffic volume and positive price effects
primarily contributed to revenue growth. Due to the take-over of the management of aviation security checks at the
Frankfurt site at the beginning of the fiscal year, revenue from aviation security charges of €220.8 million was achieved in the
reporting period. In contrast, revenue from security services decreased by €155.3 million as a result of the deconsolidation of the
Group company FraSec Aviation Security GmbH as at January 1, 2023. Other operating income of €11.1 million resulted from the
recognition of the remaining shares of FraSec Aviation Security GmbH at fair value and the realization of the equity disposal.
Personnel expenses also decreased to €244.0 million (–€81.6 million) due to reduced headcount as part of the deconsolidation
with a countervailing price effect. On the other hand, the cost of materials increased by €203.8 million compared to the same
period of the previous year to €255.9 million. This was particularly related to increased expenses for external services in the
course of taking over the management of aviation security checks. Due to the positive operating performance, the segment’s
EBITDA amounted to €308.3 million (previous year: €175.4 million). With higher depreciation and amortization (+€21.7 million),
EBIT amounted to €151.8 million (previous year: €40.6 million).
Aviation
€ million
Revenue
Personnel expenses
Cost of materials
EBITDA
Depreciation and amortization
EBIT
Number of employees as of December 31
Average number of employees
2023
1,098.8
244.0
255.9
308.3
156.5
151.8
3,496
3,447
2022
828.1
325.6
52.1
175.4
134.8
40.6
5,624
5,569
Change
Change in %
+270.7
–81.6
+203.8
+132.9
+21.7
+111.2
–2,128
–2,122
+32.7
–25.1
> 100
+75.8
+16.1
> 100
–37.8
–38.1
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The positive traffic development was also reflected in the Retail & Real Estate segment’s revenue of €498.8 million
(+€52.4 million). The reason for this was higher retail and parking revenue (+€33.1 million and +€22.7 million respec-
tively) Net retail revenue per passenger was €3.30 (previous year: €3.33). Other operating income decreased to
€16.5 million (previous year: €30.7 million). The reason for the decline was high one-off income from the sale of shares in the
Group company D-Port Logistik GmbH, which is accounted for using the equity method, in 2022. Personnel expenses increased
in particular as a result of increases in the collective bargaining agreement (+€5.7 million). The cost of materials increased by
€12.1 million. The reason was mainly price increases in utility services. Despite the higher personnel expenses and cost
of materials, the EBITDA segment amounted to €369.9 million (+€27.0 million). With higher depreciation and amortization
(+€9.3 million), segment EBIT stood at €274.0 million (+€17.7 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
2023
498.8
54.6
158.6
369.9
95.9
274.0
600
594
2022
446.4
48.9
146.5
342.9
86.6
256.3
573
576
Change
Change in %
+52.4
+5.7
+12.1
+27.0
+9.3
+17.7
+27
+18
+11.7
+11.7
+8.3
+7.9
+10.7
+6.9
+4.7
+3.1
At €676.8 million, revenue in the Ground Handling segment in the 2023 fiscal year was €126.7 million higher than in
the same period of the previous year. The strong traffic development at Frankfurt Airport and price increases led to
higher revenue from infrastructure charges (+€76.4 million) and ground services (+€51.6 million). Staff number
and price effects led to an increase in personnel expenses by €69.5 million. Cost of materials increased by €20.5 million to
€108.9 million. This was mainly due to the increased use of employees from personnel service provider agencies due to the traffic
volume, in particular at the Group company Fraport Ground Services GmbH (formerly FraGround Fraport Ground Handling Pro-
fessionals GmbH). Segment EBITDA was –€34.1 million (previous year: –€73.9 million). Segment EBIT improved to –€74.0 million
(previous year: –€111.6 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
2023
676.8
451.7
108.9
–34.1
39.9
–74.0
8,010
7,716
2022
550.1
382.2
88.4
–73.9
37.7
–111.6
7,404
7,035
Change
Change in %
+126.7
+69.5
+20.5
+39.8
+2.2
+37.6
+606
+681
+23.0
+18.2
+23.2
+53.9
+5.8
+33.7
+8.2
+9.7
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In the reporting period, revenue from the International Activities & Services segment rose by €356.3 million to
€1,726.1 million. Adjusted for contract revenue from construction and expansion services based on the application of
IFRIC 12, revenue grew to €1,210.7 million (+€172.0 million) due to the Group-wide positive traffic development. Other
operating income in the segment was €34.8 million. Other operating income in the previous year was mainly impacted positively
by the disposal of shares in the Group company Xi’an, which was accounted for using the equity method, in the amount of
€53.7 million. Personnel expenses increased by €45.7 million to €325.7 million primarily due to the increased traffic volume. Cost
of materials in the segment increased by €299.3 million to 1,113.9 million (+36.7%) compared to the same period of the previous
year. Adjusted for the expenses relating to the application of IFRIC 12, the cost of materials increased by €115.0 million to
€598.5 million (+23.8%). This was caused, in particular, by higher variable concession charges. Segment EBITDA decreased to
€559.8 million (–€25.6 million) due to lower other income. With depreciation and amortization virtually unchanged, segment EBIT
stood at €350.9 million (–€28.3 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
2023
1,726.1
1,210.7
325.7
1,113.9
598.5
559.8
208.9
350.9
5,951
6,083
2022
1,369.8
1,038.7
280.0
814.6
483.5
585.4
206.2
379.2
5,610
5,670
+356.3
+172.0
+45.7
+299.3
+115.0
–25.6
+2.7
–28.3
+341
+413
Change
Change in %
Development of the key Group companies outside of Frankfurt (IFRS values before consolidation)
€ million
Share in %
2023
2022
Revenue1)
Δ %
2023
2022
EBITDA
Δ %
2023
2022
Fraport USA
Fraport Slovenija
Fortaleza + Porto Alegre2)
Lima
Fraport Greece3)
Twin Star
Antalya
100
100
100
80.01
65
60
51/504)
115.7
43.4
108.3
792.0
545.2
51.2
467.7
103.4
33.9
90.0
590.1
443.8
43.5
396.6
+11.9
+28.0
+20.3
+34.2
+22.8
+17.7
+17.9
61.6
12.8
66.4
109.2
271.3
20.6
371.6
49.6
7.6
60.1
100.2
271.7
19.3
323.0
+24.2
+68.4
+10.5
+9.0
–0.1
+6.7
+15.0
29.0
2.4
31.0
80.3
206.3
10.9
255.3
4.8
–2.7
28.8
83.4
208.5
8.6
208.3
EBIT
Δ %
> 100
–
+7.6
–3.7
–1.1
+26.7
+22.6
2023
2022
16.4
1.8
2.4
32.1
79.1
5.8
163.7
–1.8
–2.6
–3.5
37.2
69.9
4.2
119.6
1) Revenue adjusted for IFRIC 12: Lima 2023: €326,4 million (2022: €277,9 million); Fraport Greece 2023: €508,3 million (2022: €433,5 million);
Fortaleza + Porto Alegre: 2023: €95,4 million (2022: €81,3 million); Antalya 2023: €463,2 million (2022: €388,8 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 as well as the Fraport Regional Airports of Greece Man-
agement Company are collectively referred to as “Fraport Greece”.
4) Share of voting rights: 51%, dividend share: 50 %.
The recovery in passenger numbers in the 2023 fiscal year resulted in an increase in revenue at Fraport USA to €115.7 million
(previous year: €103.4 million). Other operating income was primarily driven by the settlement of a legal dispute at the Group
company Fraport USA in connection with the early termination of the retail concession in Pittsburgh (€11.0 million). Operating
expenses increased by €8.2 million to €65.2 million, mainly due to the increased variable concession charges in connection with
the positive traffic development. At €61.6 million, EBITDA was higher than in the same period the previous year of €49.6 million.
With lower depreciation and amortization costs (–€12.2 million) due to an unscheduled depreciation in the previous year, EBIT
amounted to €29.0 million (previous year: €4.8 million). Despite negative currency effects, the result increased slightly by
€18.2 million to €16.4 million (previous year: –€1.8 million).
71
+26.0
+16.6
+16.3
+36.7
+23.8
–4.4
+1.3
–7.5
+6.1
+7.3
Result
Δ %
–
–
–
–13.7
+13.2
+38.1
+36.9
Fraport Annual Report 2023To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther Information
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Fraport Annual Report 2023
The increased demand for travel in 2023 was reflected in higher revenue of €43.4 million (+€9.4 million) at the Group company
Fraport Slovenia. Operating expenses increased by €4.6 million to €31.1 million due to the increased traffic volume. Compared
to the previous year, EBITDA improved by €5.2 million to €12.8 million (previous year €7.6 million). Constant depreciation and
amortization led to an EBIT of €2.4 million (previous year: –€2.7 million). The result improved to €1.8 million (previous year:
–€2.6 million).
In the 2023 fiscal year, the overall positive traffic development at the Brazilian Group companies Fortaleza and Porto Alegre was
reflected in higher revenue of €108.3 million (+€18.3 million). Adjusted for the revenue relating to capacitive capital expenditure
based on the application of IFRIC 12, revenue increased by €14.1 million (+17.3%). In addition to higher passenger numbers, the
growth in revenue also benefited from exchange rate effects. At €20.4 million, other operating income was again positive due to
compensation for the effects from the coronavirus pandemic but was still below the previous year’s figure (previous year:
€24.5 million). The cost of materials increased by €6.3 million to €39.2 million (+18.8%) in particular due to capacitive capital
expenditure based on the application of IFRIC 12. Adjusted for the expenses in connection with capacitive capital expenditure,
cost of materials increased by €2.0 million to €26.4 million (+8.7%). Correspondingly, EBITDA increased to €66.4 million (previous
year: €60.1 million). EBIT amounted to €31.0 million (previous year: €28.8 million), and the result was €2.4 million
(previous year: -€3.5 million).
The ongoing recovery in traffic had a positive effect on the financial development of the Group company in Lima. Despite slightly
negative currency effects, revenue recorded a significant increase to €792.0 million (+€201.9 million). Adjusted for the revenue
relating to capacitive capital expenditure based on the application of IFRIC 12, revenue was €326.4 million (+€48.5 million). The
cost of materials increased year-on-year by €185.8 million to €651.9 million. Adjusted for expenses resulting from the application
of IFRIC 12, cost of materials increased by €32.3 million to €186.2 million. This was a result of higher concession charges based
on the traffic volume as well as higher cost of materials due to the progressing expansion measures. Personnel expenses also
increased to €19.1 million (+16.6%). At €109.2 million, EBITDA was €9.0 million higher than in the same period of the previous
year (€100.2 million). The inauguration of the new runway resulted in higher depreciation and amortization (+€12.2 million)
As a result, EBIT increased year-on-year to €80.3 million (–€3.1 million). With a lower financial result, the result amounted to
€32.1 million (–€5.1 million).
In 2023, Fraport Greece recorded revenue of €545.2 million (+€101.4 million). Adjusted for contract revenue from capital
expenditure relating to the application of IFRIC 12, revenue increased by €74.8 million to €508.3 million. This is primarily due to
higher airport charges based on prices and traffic volume, and retail revenue. Operating expenses increased by €78.1 million to
€274.1 million. Adjusted for expenses resulting from the application of IFRIC 12, operating expenses increased by €51.4 million
to €237.1 million due to higher concession charges. At €271.3 million and €206.3 million respectively, EBITDA and EBIT were
almost at the previous year’s level (previous year: €271.7 million and €208.5 million respectively). Lower concession payments
were made in the previous year. In addition, the previous year’s figure was increased by other operating income/compensation
claims. The financial result improved slightly, leading to a result of €79.1 million (previous year: €69.9 million).
Revenue also increased to €51.2 million (€7.7 million) at the Group company Twin Star due to the improved development of
traffic. Driven by volume and price effects, operating expenses during the reporting period amounted to €31.5 million
(+€7.2 million). Correspondingly, EBITDA increased slightly to €20.6 million (+€1.3 million). EBIT amounted to €10.9 million, and
the result was €5.8 million.
The Group company Antalya, which is accounted for using the equity method, generated revenue of €467.7 million in the reporting
period, an increase of €71.1 million due to traffic volumes. EBITDA increased accordingly by €48.6 million to €371.6 million. EBIT
was €255.3 million (previous year: €208.3 million), and the result was €163.7 million (previous year: €119.6 million).
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63
Comparison with the forecasted development
EBITDA
in € million
Aviation
Retail & Real Estate
Ground Handling
International Activities & Services
2023 Forecast 2022
2022
Change
Change in %
308.3
369.9
Above 2019 level
of €273.3 million
Improvement in
EBITDA towards
pre-crisis level
–34.1 Negative territory
559.8
Significant decline -
still above 2019 level
175.4
342.9
–73.9
585.4
+132.9
+27.0
+39.8
–25.6
+75.8
+7.9
+53.9
–4.4
The key figures developed in line with the forecasts.
Asset and Financial Position
Asset and capital structure
At €18,890.9 million, total assets as at December 31, 2023 were €1,283.3 million (+7.3%) above the previous year.
Non-current assets increased by €687.0 million to €15,053.1 million. This is primarily attributable to the increase in property,
plant, and equipment (+€579.7 million) in connection with capital expenditure at the Frankfurt site. Investments in airport operating
projects increased by €377.7 million as a result of the ongoing expansion at the Group company in Lima. Other financial assets
decreased by €220.3 million due to reclassifications based on maturity, which were offset by lower additions to securities as well
as investments in promissory note loans.
At €3,837.7 million, current assets were €607.6 million above the comparable value as at December 31, 2022. The increase
resulted in particular from higher current financial assets (+€579.5 million). The above mentioned reclassifications based on
maturity and other additions to securities were offset by lower scheduled disposals. Furthermore, higher trade accounts receivable
(+€94.4 million) due to traffic volumes and higher financial (+€57.0 million) and non-financial receivables and assets (+€39.7 mil-
lion) due to the balance sheet date contributed to the increase in current assets. Cash and cash equivalents, on the other hand,
decreased by €174.7 million.
At €4,592.3 million, shareholders’ equity as at the balance sheet date 2023 was €460.4 million higher than as at Decem-
ber 31, 2022. The increase resulted, in particular, from the positive Group result of €430.5 million. The shareholders’ equity ratio
increased to 22.9% compared to previous year (December 31, 2022: 22.2%).
Non-current liabilities increased by €485.7 million to €11,718.3 million (+4.3%), in particular due to long-term financial liabilities
(+€516.5 million). The borrowings in connection with the project financing in Lima, which was completed in December 2022, as
well as other long-term financing measures at Fraport AG, were offset by scheduled reclassifications. In addition, current liabili-
ties rose in the reporting period by €349.3 million to €2,580.3 million (+15.7%). Reclassifications based on maturity were offset
by the repayment of the bridge financing at the Lima Group company and other current financial liabilities of Fraport AG.
Gross financial debt as at December 31, 2023 was €11,753.9 million, up €828.3 million from €10,925.6 million as at December
31, 2022. Group liquidity also increased by €174.4 million to €4,041.3 million. Correspondingly, net financial debt increased by
€653.9 million to €7,712.6 million (December 31, 2022: €7,058.7 million). The gearing ratio reached a level of 178.6% (value as
at December 31, 2022: 180.6%). The net financial debt to EBITDA ratio reached a level of 6.4 (previous year: 6.9).
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Group Management Report / Economic Report
Fraport Annual Report 2023
Structure of the consolidated financial position as at December 31
€ million
2023
Assets
Liabilities
and equity
2022
Assets
Liabilities
and equity
15,053.1
4,592.3
11,718.3
14,366.1
4,131.9
11,232.6
3,837.7
0.1
18,890.9
2,580.3
3,230.1
0.0
11.4
17,607.6
2,231.0
12.1
Non-current assets
Current assets
Non-current assets held for sale
Sha reholders’ equity
Non-current liabilities
Current liabilities
Liabilities related to assets held for sale
Additions to non-current assets
In the 2023 fiscal year, the additions to non-current assets of the Fraport Group totaled €1,501.7 million, €343.0 million more
than the previous year (previous year: €1,158.7 million). They related to €955.8 million in property, plant and equipment
(previous year: €779.8 million) and €536.9 million (previous year: €374.1 million) in investments in “airport operating projects”.
The item “Other intangible assets” accounted for €7.7 million (previous year: €4.7 million), and €1.3 million to “investment property”
(previous year: €0.1 million). The capitalization of interest expenses relating to construction work amounted to €71.0 million
(previous year: €43.9 million).
At Fraport AG, the additions to non-current assets amounted to €935.6 million (previous year: €764.6 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.
In the 2024 fiscal year, additions to assets will also be primarily characterized by multi-year capital expenditure for the capacity
expansion in Frankfurt and Lima.
The additions to non-current assets are attributed to the individual segments as follows:
Additions per segm ent
€ m illion
590.1
International Activities
& Services
International Activities
& Services
2023:
590.1
2022:
409.1
426.
116.1
Ground Handling
Ground Handling
2023:
116.1
2022: 92.9
74
553.4
242.
Aviation
Aviation
2023:
2022:
553.4
426.0
116.
242.1
Retail & Real Estate
Retail & Real Estate
590.
2023:
2022:
242.1
230.7
To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther InformationFraport Annual Report 2023
Fraport Annual Report 2023
Group Management Report / Economic Report
65
Capital expenditure in the Aviation segment amounting to €553.4 million (previous year: €426.0 million) primarily concerned the
ongoing construction work in connection with the Frankfurt Airport Expansion South project. Most of this amount related to Termi-
nal 3 and the passenger transport system.
In the 2023 fiscal year, the Retail & Real Estate segment recorded additions to assets in the amount of €242.1 million (previous
year: €230.7 million). The measures also concerned, in particular, the Expansion South project.
The Ground Handling segment recorded additions amounting to €116.1 million (previous year: €92.9 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 €590.1 million (previous year:
€409.1 million). The additions related mainly to the Group company Lima in connection with the infrastructure expansion.
Statement of cash flows
In the 2023 fiscal year, cash flow from operating activities (operating cash flow) of €863.2 million (2022: €787.3 million) was
generated. The improvement of €75.9 million resulted in particular from an increase in the operating result.
Cash flow used in investing activities without investments in cash deposits and securities amounted to €1,482.6 million in
the past fiscal year, an increase of €176.8 million year-on-year. The increase was primarily the result of higher investments in
airport operating projects, particularly in Lima, as well as increased cash outflows for expansion measures at the Frankfurt site.
In the previous year, the cash outflow was mainly impacted by capital contributions of –€375.3 million to the new joint venture that
was established in connection with the operating concession at Antalya Airport and, on the other hand, by the proceeds from the
disposal of the shares in the associated company Xi’an of +€152.2 million. Considering investments in and revenue from securi-
ties, promissory note loans, and time deposits, the overall cash flow used in investing activities was €1,818.9 million
(2022: €1,216.0 million).
Compared to the previous year, cash flow used in financing activities decreased slightly by €86.9 million to €795.4 million. The
raising of funds from the project financing concluded in December 2022 at the Group company Lima and the associated repayment
of the short-term bridge loan had an effect of €675.1 million on the payments of non-current financial liabilities and –€302.4 million
on the change in current financial liabilities. The capital increases “Non-controlling interests” relate to capital contributions to the
minority shareholders of the company Lima. In the previous year, the sale of capital and loan shares to a co-shareholder of the
Greek companies was reported under “transactions with non-controlling interests”. Taking into account exchange rate fluctuations
and other changes, the Fraport Group reported cash and cash equivalents based on the consolidated statement of cash flows of
€670.3 million as at December 31, 2023 (2022: €826.2 million).
Free cash flow amounted to –€656.4 million (2022: –€741.0 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, 2023
December 31, 2022
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
180.1
490.2
670.3
1,614.0
126.2
2,410.5
579.6
246.6
826.2
1,619.7
139.3
2,585.2
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Summary of the statement of cash flows and reconciliation to the Group’s liquidity
in € million
3,371.0
4,041.3
863.2
–1,482.6
826.2
795.4
4.4
670.3
–336.3
Cash and cash
equivalents
as at
January 1,
2023
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,
2023
Short-term
realizable assets
Group’s liquidity
as at
December 31,
2023
Financing analysis
In 2023, 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 (20.9%), corporate bonds (17.9%), bilateral loans (43.4%), and project financing (17.8%).
To reduce interest rate risks from borrowing with floating interest rates, in the past interest rate hedging transactions were con-
cluded in some cases. In the course of a project financing in Lima, new interest rate hedging derivatives were concluded in 2023
in order to reduce the interest rate risk from project financing. The related nominal volume amounted to €530.7 million as at year-
end (previous year: €0.0 million). Overall, the financial liabilities had an average remaining term of 6.2 years with an average
interest maturity of approximately 5.1 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 17%, and the fixed portion approximately 83%. The
cost of debt after hedging measures was 2.9%.
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 pre-
viously concluded project financing agreements in the 2023 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
Year of
origin
Nominal volume
in € million
Maturity
Repayment structure
Interest
Interest rate
Promissory note loans
2012 – 2023
2,455.0 2024 – 2034
Corporate bond
Bilateral loans
Project financing (fully consolidated
foreign Group companies)
2009 – 2021
1999 – 2023
2017 – 2023
2,100.0 2024 – 2029
5,075.4 2024 – 2032
2,088.5 2024 – 2045
End of term
End of term
Mainly end of term
Ongoing repayments during
the term
Fixed
Floating
Fixed
Mainly fixed
Mainly fixed
0.548 % – 5.774 % p. a.
6M-Euribor + Margin
1.034 % – 5.875 % p.a.
0.28 % – 5.76 % p. a.
4.49 % – 10.33 % p. a.
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 bilateral loans forming part of the special-purpose loans of Fraport AG entail
further obligations typical for this type of financing.
Independent project financing agreements of fully consolidated foreign Group companies, in particular in Lima, 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
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agreed credit clauses may lead to restrictions on the distribution of dividends and/or to the early redemption of loans or to 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.
additional payment of shareholders’ equity.
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.
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
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).
date (financial debt in foreign currencies translated as at the balance sheet date rate).
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).
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 2023
Maturity profile as at 31 December 2023
Maturity profile as at 31 December 2023
Maturity profile as at 31 December 2023
in € million
in € million
in € million
in € million
4,999.8
4,999.8
4,999.8
11,753.9
11,753.9
11,753.9
11,753.9
4,999.8
1,455.1
1,455.1
1,455.1
1,455.1
1,039.8
1,039.8
1,185.1
1,185.1
1,196.4
1,196.4
1,364.7
1,364.7
1,972.2
1,039.8
1,039.8
1,185.1
1,185.1
1,364.7
1,364.7
1,196.4
1,196.4
1,972.2
1,972.2
1,972.2
947.4
947.4
947.4
828.1
828.1
947.4
828.1
828.1
549.9
549.9
332.5
332.5
847.7
549.9
549.9
332.5
332.5
847.7
847.7
847.7
958,6
958,6
958,6
958,6
4.041,2
4.041,2
4.041,2
4.041,2
Liquidity
Liquidity
Liquidity
Liquidity
Gross
Gross
debt
debt
Gross
debt
Gross
debt
2024
2024
2024
2025
2025
2024
2025
2025
2026
2026
2027
2027
2028
2028
2029
2029
2030
2030
2031
2031
2032
2032
2033
2028
2028
2029
2029
2030
2030
2031
2031
2026
2026
2027
2027
2032
2032
2033
2033
2033
2034 ++
2034 ++
2034 ++
2034 ++
Carrying amounts
Carrying amounts
Carrying amounts
Carrying amounts
Nominal values
Nominal values
Nominal values
Nominal values
Credit Lines
Credit Lines
Credit Lines
Credit Lines
Liquidity in the fully consolidated Group companies was €780.7 million (previous year: €945.3 million). As it is partly subject to
Liquidity in the fully consolidated Group companies was €780.7 million (previous year: €945.3 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 manage-
drawing restrictions arising from the conditions stipulated in the project financing agreements, it is not part of the asset manage-
ment at Fraport AG.
ment at Fraport AG.
Liquidity in the fully consolidated Group companies was €780.7 million (previous year: €945.3 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 manage-
ment at Fraport AG.
Liquidity in the fully consolidated Group companies was €780.7 million (previous year: €945.3 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 manage-
ment at Fraport AG.
Liquidity analysis
Liquidity analysis
The strategy of broad diversification of investments in corporate bonds was continued in the 2023 fiscal year. The key character-
The strategy of broad diversification of investments in corporate bonds was continued in the 2023 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
istics of Fraport AG’s investment instruments in terms of type, remaining term, and interest rate structure are presented in the
following table:
following table:
Liquidity analysis
The strategy of broad diversification of investments in corporate bonds was continued in the 2023 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:
Liquidity analysis
The strategy of broad diversification of investments in corporate bonds was continued in the 2023 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
Asset structure of Fraport AG
Asset structure of Fraport AG
Asset structure of Fraport AG
Investment type
Investment type
Investment type
Investment type
Market value 1)
Market value 1)
Market value 1)
Market value 1)
in € million
in € million
in € million
in € million
Average remaining term
Average remaining term
in years
in years
Average remaining term
Average remaining term
in years
in years
Interest
Interest
Interest
Interest
Promissory note loans
Promissory note loans
Promissory note loans
Promissory note loans
Time deposits
Time deposits
Time deposits
Time deposits
Bonds
Bonds
Bonds
Bonds
thereof financials
thereof financials
thereof financials
thereof financials
thereof insurances
thereof insurances
thereof insurances
thereof insurances
thereof industrials
thereof industrials
thereof industrials
thereof industrials
Commercial papers
Commercial papers
Commercial papers
Commercial papers
323.0
1,614.0
11.0
921.7
6.0
298.3
11.0
921.7
6.0
298.3
323.0
323.0
323.0
1,614.0
1,614.0
1,614.0
11.0
11.0
921.7
921.7
6.0
6.0
298.3
298.3
5.0
5.0
14.2
14.2
609.1
609.1
375.0
375.0
5.0
14.2
609.1
375.0
5.0
14.2
609.1
375.0
1.4
1.4
0.4
0.4
0.6
0.6
1.3
1.3
0.3
0.3
1.0
1.0
0.8
0.8
1.9
1.9
1.5
1.5
0.3
0.3
1.4
0.4
0.6
1.3
0.3
1.0
0.8
1.9
1.5
0.3
1.4
0.4
0.6
1.3
0.3
1.0
0.8
1.9
1.5
0.3
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Floating
Floating
Floating
Floating
Fixed
Fixed
Fixed
Fixed
Floating
Floating
Floating
Floating
Fixed
Fixed
Fixed
Fixed
Floating
Floating
Floating
Floating
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
1) As a result of rounding, there may be discrepancies when summing up.
1) As a result of rounding, there may be discrepancies when summing up.
1) As a result of rounding, there may be discrepancies when summing up.
1) As a result of rounding, there may be discrepancies when summing up.
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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
AAA
AA
A
BBB
BB
Not rated
60
9.9
21.8
54.8
13.4
0.0
0.1
As at the balance sheet date, the portfolio was comprised almost exclusively of rated assets (rated: 99.9%, unrated: 0.1%).
The cost of carry, which is calculated using a (tiered statement) maturity-matching principle, was –0.7% (–€22.4 million) as at
December 31, 2023.
As at the 2023 balance sheet date, the Fraport Group had credit lines amounting to €958.6 million (previous year: €736.3 million)
available, of which €469.4 million were, however, earmarked for future capital expenditure on infrastructure. As at the balance
sheet date, Fraport AG had unused credit lines amounting to €489.2 million (previous year: €580.9 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
2023 Forecast 2022
[Adjustments during the year 2023]
2022
Change
Change in %
Free cash flow (€ million)
Net financial debt
to EBITDA
Group liquidity (€ million)
–656.4 Still negative in the mid three-digit million € range
–741.0
+84.6
Level of 2022
[Q2/6M 2023 slight improvement]
6.4
4,041.3 Slightly lower than 2022
6.9
3,866.9
–0.5
+174.4
+11.4
–
+4.5
At €4,041.3 million, Group liquidity was above the forecast value due to higher cash inflow from long-term financial liabilities. The
other figures of the asset and financial position were in line with the 2022 forecast.
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Development of the value added
€ million
Fraport Group
Aviation
Retail & Real Estate
Ground Handling
International Activities &
Services
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
Adjusted EBIT1)
Fraport assets
Costs of capital before taxes
Value added before taxes
ROFRA in %
822.9
12,477.7
677.4
11,383.8
948.3
–125.4
6.6
831.0
–153.6
6.0
155.2
4,664.1
354.5
–199.2
3.3
40.7
4,152.3
303.1
–262.4
1.0
273.3
2,893.5
219.9
53.4
9.4
258.9
2,672.6
195.1
63.8
9.7
–73.8
953.2
72.4
–146.2
–7.7
–102.1
852.1
62.2
–164.3
–12.0
468.2
3,966.9
301.5
166.7
11.8
479.9
3,706.9
270.6
209.3
12.9
1) Adjusted EBIT = EBIT + earnings before taxes of the Group companies accounted for using the equity method.
In the 2023 fiscal year, the value added of Fraport Group improved by €28.2 million. However, at –€125.4 million, it remained in
the negative range (previous year: –€153.6 million)
The positive development of traffic in the Group primarily contributed to an improvement of €145.5 million in adjusted EBIT to
€822.9 million (previous year: €677.4 million). The higher capital expenditure, particularly in the development projects in Frankfurt
and Lima, as well as the increase in WACC from 7.3% to 7.6% which resulted in higher capital costs, had an opposite effect.
Due to the positive operating result, the ROFRA of the Fraport Group increased by 0.6 percentage points to 6.6% (previous
year: 6.0%).
The value added of the Aviation segment improved from –€262.4 million to –€199.2 million due to the positive operational devel-
opment. This was offset by progressing construction activities in the context of the Airport Expansion South project and the
increase in capital costs. Segment ROFRA improved from 1.0% to 3.3%.
In the Retail & Real Estate segment, higher Fraport assets in the course of the expansion project in Frankfurt resulted in a
decrease in the value added from €63.8 million to €53.4 million (–€10.4 million) and of ROFRA to 9.4% (previous year: 9.7%).
The value added in the Ground Handling segment improved to –€146.2 million (previous year: –€164.3 million) due to the higher
operational result, despite the increase in capital costs. ROFRA of the segment was thus at –7.7% (previous year: –12.0%).
The value added of the International Activities & Services segment decreased from €209.3 million to €166.7 million
(–€42.6 million). The reason for this was a lower operating result due to special effects in the previous year. Furthermore,
the increase in capital costs for the expansion at Lima Airport had a negative effect. In line with the value added, segment
ROFRA decreased from 12.9% to 11.8%.
Comparison with the forecasted development
2023 Forecast 2022
2022
Change
Change in %
Group ROFRA (%)
6.6 Roughly at the level of 2022
6.0
+0.6 PP
–
Group ROFRA of 6.6% was above the forecast provided in 2022 due to the positive operational results.
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Non-financial Performance Indicators12
Customer satisfaction and product quality
Global satisfaction of passengers
At 67%, global satisfaction of passengers was below the previous year’ value (–7 percentage points). General satisfaction (top
Non-financial Performance Indicators12
box share of global satisfaction) was constant at 67% in the first quarter as well as in the third and fourth quarter. In the second
quarter, it was slightly higher at 68%. Satisfaction criteria, such as cleanliness criteria, satisfaction with waiting times, the friendli-
Customer satisfaction and product quality
ness of personnel and passport control as well as satisfaction with the gastronomic offerings recorded a decline in the third quarter.
Global satisfaction of passengers
In contrast, four out of the 25 criteria surveyed in 2023 were positive, including waiting times at the check-in counter, and the
At 67%, global satisfaction of passengers was below the previous year’ value (–7 percentage points). General satisfaction (top
speed and stability of the airport Wi-Fi. The new or resumed criteria “Flight to the Frankfurt Airport” and “Arrival at the airport using
box share of global satisfaction) was constant at 67% in the first quarter as well as in the third and fourth quarter. In the second
public means of transport” achieved above average top box results of 84% and 83%.
quarter, it was slightly higher at 68%. Satisfaction criteria, such as cleanliness criteria, satisfaction with waiting times, the friendli-
ness of personnel and passport control as well as satisfaction with the gastronomic offerings recorded a decline in the third quarter.
At the fully consolidated Group airports, on the other hand, global satisfaction reached a cumulative value of 80% in the 2023
In contrast, four out of the 25 criteria surveyed in 2023 were positive, including waiting times at the check-in counter, and the
reporting year. To determine global satisfaction within the Group, a total of just under 40,000 passengers were surveyed at the
speed and stability of the airport Wi-Fi. The new or resumed criteria “Flight to the Frankfurt Airport” and “Arrival at the airport using
sites in Slovenia, Bulgaria, Brazil, Peru, and Greece. The satisfaction data collected was weighted on the basis of the respective
public means of transport” achieved above average top box results of 84% and 83%.
passenger numbers for the calculation of the cumulative value. Including the Frankfurt site, this resulted in a Group-wide global
satisfaction of 74% for the reporting year. The reason for the decline was, among other things, distinct peaks in traffic at Frankfurt
At the fully consolidated Group airports, on the other hand, global satisfaction reached a cumulative value of 80% in the 2023
Airport.
reporting year. To determine global satisfaction within the Group, a total of just under 40,000 passengers were surveyed at the
sites in Slovenia, Bulgaria, Brazil, Peru, and Greece. The satisfaction data collected was weighted on the basis of the respective
Baggage connectivity
passenger numbers for the calculation of the cumulative value. Including the Frankfurt site, this resulted in a Group-wide global
Baggage connectivity at Frankfurt Airport in the past fiscal year remained unchanged at 95.8% and thus 1.2 percentage points
satisfaction of 74% for the reporting year. The reason for the decline was, among other things, distinct peaks in traffic at Frankfurt
below the value forecast in the 2022 Annual Report. While the baggage connectivity value of 95.7% in the first quarter 2023
Airport.
marked a decrease over the previous year’s level, the value increased to 96.6% in the second quarter 2023 (Q2 2022: 95.9%). In
the third quarter of 2023, baggage connectivity remained stable at the previous year’s level of 95.0% and, with 96.0% exceeded
Baggage connectivity
the previous year’s figure in the fourth quarter (Q4 2022: 95.1%). In the course of 2023, the gap to the required personnel level
Baggage connectivity at Frankfurt Airport in the past fiscal year remained unchanged at 95.8% and thus 1.2 percentage points
was almost closed. Distinct traffic peaks and the overall increased demand however resulted in further capacity bottlenecks.
below the value forecast in the 2022 Annual Report. While the baggage connectivity value of 95.7% in the first quarter 2023
Baggage connectivity in particular suffered, remaining below the target figure for 2023 despite the training initiative in Ground
marked a decrease over the previous year’s level, the value increased to 96.6% in the second quarter 2023 (Q2 2022: 95.9%). In
Services.
the third quarter of 2023, baggage connectivity remained stable at the previous year’s level of 95.0% and, with 96.0% exceeded
the previous year’s figure in the fourth quarter (Q4 2022: 95.1%). In the course of 2023, the gap to the required personnel level
Attractive and responsible employer
was almost closed. Distinct traffic peaks and the overall increased demand however resulted in further capacity bottlenecks.
Employee satisfaction
Baggage connectivity in particular suffered, remaining below the target figure for 2023 despite the training initiative in Ground
As planned, no Group wide survey of employees was carried out in 2023. The measures derived from Barometer 2022 were
Services.
supplemented by results from a survey carried out in summer 2023 at the Frankfurt site. Measures planned to improve the aspects
Payment, Innovations and Professional Development Opportunities assessed as below average in the Barometer include, for
Attractive and responsible employer
example, a holistic assessment grid for career pathways linked to salary bands and benefit portfolios, an initiative to implement
Employee satisfaction
artificial intelligence solutions as well as the introduction of talent management. During the reporting year, the Group companies
As planned, no Group wide survey of employees was carried out in 2023. The measures derived from Barometer 2022 were
also worked on deriving measures and implementing them.
supplemented by results from a survey carried out in summer 2023 at the Frankfurt site. Measures planned to improve the aspects
Payment, Innovations and Professional Development Opportunities assessed as below average in the Barometer include, for
Women in management positions
example, a holistic assessment grid for career pathways linked to salary bands and benefit portfolios, an initiative to implement
As at December 31, 2023, the proportion of women in management positions at the first management level below Fraport’s
artificial intelligence solutions as well as the introduction of talent management. During the reporting year, the Group companies
Executive Board was 24.4% in Germany (previous year: 23.1%). On the management level below this, the share of women in
also worked on deriving measures and implementing them.
management positions increased to 33.9% (previous year: 31.6%). The filling of vacant management positions with female man-
agers overcompensated for the negative effect from the deconsolidation of the Group company FraSec Aviation Security GmbH
Women in management positions
as at January 1, 2023. At Fraport AG, the ratio of women in management positions on the first level of management amounted to
As at December 31, 2023, the proportion of women in management positions at the first management level below Fraport’s
23.8% and on the second management level to 31.8% in the reporting period and was thus above the respective previous year’s
Executive Board was 24.4% in Germany (previous year: 23.1%). On the management level below this, the share of women in
figures (previous year: 19.0% and 30.8%, respectively).
management positions increased to 33.9% (previous year: 31.6%). The filling of vacant management positions with female man-
agers overcompensated for the negative effect from the deconsolidation of the Group company FraSec Aviation Security GmbH
as at January 1, 2023. At Fraport AG, the ratio of women in management positions on the first level of management amounted to
23.8% and on the second management level to 31.8% in the reporting period and was thus above the respective previous year’s
figures (previous year: 19.0% and 30.8%, respectively).
1 Part of the Combined Non-Financial Statement
1 Part of the Combined Non-Financial Statement
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Occupational health and safety
Sickness rate
In the 2023 fiscal year, the Group sickness rate in Germany decreased to 8.7% (adjusted value for 2022 due to late reportings:
9.9%; reported value 2022: 8.7%). The development is due to the reduction of staff numbers as a result of the deconsolidation of
the Group company FraSec Aviation Security GmbH. The sickness rate of Fraport AG fell by 0.8 percentage points to 7.1%
(previous year: 7.9%).
Climate protection
CO2 emissions
In the reporting year, the Group-wide Scope 1 and Scope 2 carbon emissions amounted to around 158,065 metric tons CO2 and
were thus 1.5% lower than in the previous year (adjusted previous year’s value due to changed measurement method:
160,489 metric tons CO2). The CO2 emissions at Fraport AG also reduced year-on-year by 1.7% to 117,482 metric tons CO2
(adjusted previous year’s value due to changed measurement method: 119,567 metric tons CO2;). The adjustment of the previous
years figures is due to a re-evaluation and standardization of the measurement methods used for emission factors relating to
district cooling for 2022 and 2023. The CO2 emissions reported in the 2022 Annual Report for the Group were 155,449 metric
tons CO2 and 113,199 metric tons CO2 for Fraport AG.
The purchase of electricity from renewable sources, the company’s own generation of electricity from photovoltaic systems as
well as the ongoing conversion of the vehicle fleet to electric mobility also contributed to the reduction.
Comparison with the forecasted development
Indicators
2023 Forecast 2022
2022
Change
[adjustment during the year Q2 / 6M Interim Report]
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 and 2) in t5)
CO2-Emissions (Fraport AG)
(Scope 1 and 2) in t5)
74 At least 80 % [Falling short of the forecast]
67 At least 80 % [Falling short of the forecast]
95.8 Better than 97 % [Falling short of the forecast]
4.763) Next survey in the 2024 financial year
4.643) Next survey in the 2024 financial year
24.44) Slight increase
33.94) Slight increase
23.8 Slight increase
31.8 Slight increase
8.7 Stabilization at least at the previous year’s level
7.1 Stabilization at least at the previous year’s level
158,0656) Roughly at previous year's level
117,480 Roughly at previous year's level
80.0
74
95.8
4.76
4.64
23.1
31.6
19.0
30.8
9.9
7.9
160,4897)
119,5677)
–6.0 PP
–7.0 PP
0.0 PP
–
–
+1.3 PP
+2.3 PP
+4.8 PP
+1.0 PP
–1.2 PP
–0.8 PP
–2,424
–2,087
1) As planned, employee satisfaction was not surveyed in 2023. The next planned survey will take place in 2024.
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) Values in 2022.
4) This includes Fraport AG as well as Group companies in Germany.
5) Target for 2045: 0 metric tons CO2 (“Net Zero Carbon” according to the Intergovernmental Panel on Climate Change).
6) This includes Fraport AG as well as the Group companies Facility Services, Fraport Ground Services , FraCareS, Fraport Ausbau Süd, FraSec Group (three
companies in 2022, two companies in 2023), Media, Fraport Greece, Fraport Slovenia, Lima, Fortaleza, Porto Alegre and Twin Star.
7) Subsequent verifications may result in changes to the figures.
The “Non-financial performance indicators” chapter above provides explanatory notes on deviations from the 2022 forecast.
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Employees
Development of employees
Average number of employees
Fraport Group
thereof Fraport AG
thereof Group companies
thereof in Germany
thereof abroad
2023
2022
Change
Change in %
17,840
7,164
10,676
14,385
3,455
18,850
7,309
11,541
15,691
3,159
–1,010
–145
–865
–1,306
+296
–5.4
–2.0
–7.5
–8.3
+9.4
The average number of employees in the Fraport Group (excluding apprentices and employees on leave) decreased by 1,010 to
17,840 in the 2023 fiscal year (previous year: 18,850). The decline resulted mainly from the deconsolidation of the Group company
FraSec Aviation Security GmbH as at January 1, 2023 (–2,110 employees). An offsetting effect as a result of the positive devel-
opment in traffic was seen at the Group company Fraport Ground Services GmbH (formerly FraGround Fraport Ground Handling
Professionals GmbH) (+702 employees). At Fraport AG, the headcount decreased (145 employees) primarily due to resignations
of staff.
Outside Germany, the headcount increased to 3,455 (+9.4%) due to the Group-wide positive development in traffic, especially at
the Group companies in Peru (+143 employees), Bulgaria (+67 employees) and Greece (+38 employees).
Development of employees in the segments
Average number of employees
Aviation
Retail & Real Estate
Ground Handling
International Activities & Services
2023
3,447
594
7,716
6,083
2022
5,569
576
7,035
5,670
Change
Change in %
–2,122
+18
+681
+413
–38.1
+3.1
+9.7
+7.3
The average number of employees in the International Activities & Services, Ground Handling, and Retail & Real Estate segments
increased as a result of traffic volumes. In contrast, the headcount in the Aviation segment decreased due to the deconsolidation
of the Group company FraSec Aviation Security GmbH as at January 1, 2023.
Development of employees as at the balance sheet date
Number of employees as at the balance sheet date
December 31, 2023
December 31, 2022
Change
Change in %
Fraport Group
thereof Fraport AG
thereof Group companies
thereof in Germany
thereof abroad
18,057
7,095
10,962
14,811
3,246
19,211
7,209
12,002
16,145
3,066
–1,154
–114
–1,040
–1,334
+180
–6.0
–1.6
–8.7
–8.3
+5.9
Compared with the previous year, the number of employees in the Fraport Group (excluding apprentices and employees on leave)
decreased by 6.0% (–1,154 employees) to 18,057 as at December 31, 2023. This is a result of the deconsolidation of the Group
company FraSec Aviation Security GmbH as at January 1, 2023. This was offset by an increase in particular in the Group com-
panies Fraport Ground Services (formerly FraGround Fraport Ground Handling Professionals GmbH) (+691 employees) and the
FraSec Group (+72 employees) due to the volume-based higher demand for personnel. Outside of Germany, employee numbers
increased in particular in the Group companies in Peru (+99 employees), Slovenia (+32 employees), Greece (+38 employees),
and Brazil (+18 employees).
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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
component 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
decisions and training measures.
With regard to permanent employees excluding seasonal staff as at the balance sheet date, the Group staff turnover rate of
12.6% in the reporting year was slightly higher than the value of the previous year (adjusted value for 2022 due to late reportings:
12.1%; reported value 2022: 15.0%). 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, 2023 was 23.8%, clearly below the previous year’s
level of 26.6%. This was due to the deconsolidation of the Group company FraSec Aviation Security GmbH as at January 1, 2023.
The average age of the Group’s workforce increased slightly to 45.4 years (previous year: 45.3 years). The percentage of
persons with major disabilities relative to the total number of employees excluding apprentices and temporary staff was 7.1%
on a Group-wide basis (adjusted value for 2022 due to late reportings: 7.6%; reported value 2022: 5.8%).
At Fraport AG, the proportion of female employees as at the balance sheet date 2023 was 19.7% (previous year: 19.4%). The
proportion of employees with major disabilities remained unchanged year-on-year at 12.4%. The average number of apprentices
decreased to 227 (previous year: 246). The staff turnover rate at Fraport AG improved to 2.7% (previous year: 3.5%).
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Combined non-financial Statement
About this combined statement
The combined non-financial statement complies with the commercial law requirements and was prepared in accordance with
Sections 289c to 289e the German Commercial Code (HGB), Sections 315c in conjunction with 289c to 289e HGB and Article 8
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 and the Delegated Acts issued
thereunder. Deloitte GmbH Wirtschaftsprüfungsgesellschaft has subjected the content of this combined non-financial statement
to a limited assurance review in accordance with ISAE 3000 (revised) as part of a separate engagement.
To avoid duplicates within the combined management report, further information in other chapters is referred to at relevant points.
The “Control System” and “Non-financial Performance Indicators” chapters describe the important non-financial performance in-
dicators and their development during the reporting period. The respective concepts and measures are presented in this combined
non-financial statement. The target values set for the Fraport Group and Fraport AG can also be found in the chapters, which are
part of this combined non-financial statement. The forecast figures for fiscal year 2024 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). 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 state-
ment, therefore they are not audited.
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”.
In addition, the ESG Factbook, available at
www.fraport.com/publications, provides a detailed overview of the relevant GRI
indicators in the Fraport Group.
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”, “Learn-
ing 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 important 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. As
explained in the “Control System” chapter, the employee satisfaction survey is carried out every two years and is therefore not
recorded quantitatively in the reporting period.
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, 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, non-governmental
organizations (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
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activities on the corresponding aspect, its relevance for stakeholders, and for the long-term business activities of Fraport. The last
comprehensive materiality analysis was performed in 2018. On the basis of this, the topics are regularly checked to ensure they
are up to date. The Executive Board has confirmed the relevance of the topics for 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 the information in connection with the non-financial
aspects in a separate chapter. Fraport does not engage in research and development in the strict sense in the “Innovation and
Digitalization” section (see “Research and Development” chapter). The measures derived from the Group strategy aim to increase
customer satisfaction and product quality. Reporting on this can be found in the “Customer Satisfaction and Security” chapter.
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Allocation of material topics to non-financial aspects
Non-financial aspect
Topics
Respect for human rights
Anti-corruption and bribery matters
Customer satisfaction and security
Employee-related matters
Social matters
Environmental matters
Corporate Governance
Compliance
Customer satisfaction and product quality
Attractive and responsible employer
Engangement in the Regions
Climate protection
IT security and data protection
Occupational health and safety
Noise abatement
Protection of environment and nature
Airport safety and security
Air quality
The Executive Board remuneration system also includes non-financial elements in addition to the financial objectives for the long-
term performance-based remuneration. The expansion of the master plan and package of measures on reducing CO2 in the
Group, concept development for alternative drive systems at the Frankfurt site, and the increase in process efficiency in procure-
ment and staffing requirements were determined as non-financial components for the 2023 fiscal year (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 it reflects the worst-case scenario 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 2023, there were no additional reportable risks for Fraport which are very likely to have or will have a substantial
negative impact on the reportable aspects in accordance with Section 289c (3) sentence 1, Nos. 3 and 4 HGB, beyond the material
risks already listed in the “Risk and Opportunities Report” chapter as part of risk management.
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 compels business partners and suppliers to comply with its Supplier Code of Conduct, (which can be viewed at
www.fraport.com/en/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. Business partners and suppliers must also undertake to demand and ensure that these principles are
adhered to when dealing with their own suppliers.
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.
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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
www.fraport.com/en/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.
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 only engage subcontractors or other third parties that meet these requirements.
In the past fiscal year, Fraport AG has implemented the due diligence obligations resulting from the German Supply Chain Act
(LkSG), which entered into force on January 1, 2023. After existing structures had been expanded and new processes created,
the statutory obligations were transferred into the line organization. In addition to the policy statement on the human rights strategy,
core elements of the implementation include expanding the risk analysis, updating the complaints procedure, and establishing
suitable preventive and corrective measures.
Anti-corruption and bribery matters and respect for human rights
Anti-corruption and bribery matters
Objective – Conduct in compliance with laws and regulations has the 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,
guidelines, 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 Fraport Code of Conduct, which has
been rolled out globally. 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 need the Group companies to have comprehensive regulations for
the handling of gifts and invitations, conflicts of interest, and the compliance audit of business partners. In addition, uniform spec-
ifications for the processing of information about compliance violations are prescribed. 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.
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Guidelines on receiving invitations and gifts have been defined for the employees of Fraport AG in a separate policy. This regu-
Guidelines on receiving invitations and gifts have been defined for the employees of Fraport AG in a separate policy. This regu-
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
lates, among other things, the electronic documentation of the approval of received gifts and invitations. An internal policy on how
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
to deal with conflicts of interest also exists. The employees of Fraport AG are obliged to report any situations, in which they find
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
themselves, where personal interests could contradict Fraport’s business interests. This allows reportable facts to be disclosed
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
electronically, and the required measures to then be initiated. The electronic processes support employees in complying with
electronically, and the required measures to then be initiated. The electronic processes support employees in complying with
existing laws and internal regulations.
existing laws and internal regulations.
existing laws and internal regulations.
Examining adherence to the Fraport Group’s compliance regulations falls under the remit of Internal Auditing. This department
Examining adherence to the Fraport Group’s compliance regulations falls under the remit of Internal Auditing. This department
Examining adherence to the Fraport Group’s compliance regulations falls under the remit of Internal Auditing. This department
provides independent and objective audit as well as consulting services in all major business units of Fraport AG, its subsidiaries
provides independent and objective audit as well as consulting services in all major business units of Fraport AG, its subsidiaries
provides independent and objective audit as well as consulting services in all major business units of Fraport AG, its subsidiaries
and joint ventures, and Group companies. The department also carries out compliance audits. A standardized and risk-oriented
and joint ventures, and Group companies. The department also carries out compliance audits. A standardized and risk-oriented
and joint ventures, and Group companies. The department also carries out compliance audits. A standardized and risk-oriented
planning process is the foundation for the focus points of the audit.
planning process is the foundation for the focus points of the audit.
planning process is the foundation for the focus points of the audit.
Measures to battle corruption, along with information and instructions on how individual employees can contribute to this, are
Measures to battle corruption, along with information and instructions on how individual employees can contribute to this, are
Measures to battle 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. In
regularly communicated to the employees of the Fraport Group. Employees must complete training on anti-corruption matters. In
regularly communicated to the employees of the Fraport Group. Employees must complete training on anti-corruption matters. In
addition to a clear presentation of why compliance is important in everyday working life, the e-learning program for Fraport AG
addition to a clear presentation of why compliance is important in everyday working life, the e-learning program for Fraport AG
addition to a clear presentation of why compliance is important in everyday working life, the e-learning program for Fraport AG
employees contains the Fraport Code of Conduct, dealing with gifts and invitations, and conflicts of interest. In addition, the central
employees contains the Fraport Code of Conduct, dealing with gifts and invitations, and conflicts of interest. In addition, the central
employees contains the Fraport Code of Conduct, dealing with gifts and invitations, and conflicts of interest. In addition, the central
reporting channels for compliance violations are detailed. In 2023, a new e-learning course, Compliance Basic Knowledge for
reporting channels for compliance violations are detailed. In 2023, a new e-learning course, Compliance Basic Knowledge for
reporting channels for compliance violations are detailed. In 2023, a new e-learning course, Compliance Basic Knowledge for
Executives at Fraport AG, has been additionally rolled out.
Executives at Fraport AG, has been additionally rolled out.
Executives at Fraport AG, has been additionally rolled out.
key
key
key
instrument
instrument
instrument
for preventing and discovering
for preventing and discovering
for preventing and discovering
the whistleblower system
A
the whistleblower system
A
A
the whistleblower system
www.fraport.com/en/compliance) as an internal reporting authority. Information about irregularities in all Group companies
(see
www.fraport.com/en/compliance) as an internal reporting authority. Information about irregularities in all Group companies
(see
www.fraport.com/en/compliance) as an internal reporting authority. Information about irregularities in all Group companies
(see
can be submitted anonymously via this online system. It is available 24 hours a day worldwide. The factual content of each report
can be submitted anonymously via this online system. It is available 24 hours a day worldwide. The factual content of each report
can be submitted anonymously 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. The requirements of the Whistleblower Protection Act (Hinweis-
is thoroughly reviewed, and sanctions are initiated, if necessary. The requirements of the Whistleblower Protection Act (Hinweis-
is thoroughly reviewed, and sanctions are initiated, if necessary. The requirements of the Whistleblower Protection Act (Hinweis-
geberschutzgesetz) are complied with. Furthermore, Fraport AG has an ombudswoman, an external, independent lawyer, at its
geberschutzgesetz) are complied with. Furthermore, Fraport AG has an ombudswoman, an external, independent lawyer, at its
geberschutzgesetz) are complied with. Furthermore, Fraport AG has an ombudswoman, an external, independent lawyer, at its
disposal. Employees at the Frankfurt site can also contact an internal confidant.
disposal. Employees at the Frankfurt site can also contact an internal confidant.
disposal. Employees at the Frankfurt site can also contact an internal confidant.
compliance
compliance
compliance
violations
violations
violations
is
is
is
A risk-based compliance due diligence conducted by the “Acquisitions and Investments” strategic business unit is in place to
A risk-based compliance due diligence conducted by the “Acquisitions and Investments” strategic business unit is in place to
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
examine the integrity of Fraport AG business partners’ activities in foreign-related investment projects – material compliance risks
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.
of a potential business partner are considered accordingly as part of a standard process.
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
The Group companies implement their own targeted measures to combat corruption and bribery based on the Group-wide CMS
The Group companies implement their own targeted measures to combat corruption and bribery based on the Group-wide CMS
requirements. The implementation of the requirements of the German Supply Chain Act and the German Whistleblower Protection
requirements. The implementation of the requirements of the German Supply Chain Act and the German Whistleblower Protection
requirements. The implementation of the requirements of the German Supply Chain Act and the German Whistleblower Protection
Act was the focus at the Group companies in fiscal year 2023.
Act was the focus at the Group companies in fiscal year 2023.
Act was the focus at the Group companies in fiscal year 2023.
Performance indicator – No performance indicator, target value, or term has been defined within the scope of the Sustainability
Performance indicator – No performance indicator, target value, or term has been defined within the scope of the Sustainability
Performance indicator – No performance indicator, target value, or term has been defined within the scope of the Sustainability
Program.
Program.
Program.
Respect for human rights
Respect for human rights
Respect for human rights
Objective – Fraport aims to comply with the international codes of conduct that it endorses. These are especially the principles
Objective – Fraport aims to comply with the international codes of conduct that it endorses. These are especially the principles
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
of the UN Global Compact, the Universal Declaration of Human Rights, the OECD Guidelines for Multinational Enterprises, and
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).
the Core Labour Standards of the International Labour Organization (ILO).
the Core Labour Standards of the International Labour Organization (ILO).
Concepts, measures, and results – The “Corporate Development and Sustainability” central unit of Fraport AG deals with,
Concepts, measures, and results – The “Corporate Development and Sustainability” central unit of Fraport AG deals with,
Concepts, measures, and results – The “Corporate Development and Sustainability” central unit of Fraport AG deals with,
among other things, coordinating Group-wide respect of human rights. Violations can be reported anonymously via the whistle-
among other things, coordinating Group-wide respect of human rights. Violations can be reported anonymously via the whistle-
among other things, coordinating Group-wide respect of human rights. Violations can be reported anonymously via the whistle-
www.fraport.com/en/compliance. In the context of implementing the due
blower system that is freely accessible worldwide via
www.fraport.com/en/compliance. In the context of implementing the due
blower system that is freely accessible worldwide via
www.fraport.com/en/compliance. In the context of implementing the due
blower system that is freely accessible worldwide via
diligence obligations from the LKSG, the electronic whistleblower system was expanded by the categories “Human Rights Viola-
diligence obligations from the LKSG, the electronic whistleblower system was expanded by the categories “Human Rights Viola-
diligence obligations from the LKSG, the electronic whistleblower system was expanded by the categories “Human Rights Viola-
tions” and “Environmental Crimes” as of January 1, 2023. In addition, employees in Germany can contact the Compliance depart-
tions” and “Environmental Crimes” as of January 1, 2023. In addition, employees in Germany can contact the Compliance depart-
tions” and “Environmental Crimes” as of January 1, 2023. In addition, employees in Germany can contact the Compliance depart-
ment of Fraport AG if required.
ment of Fraport AG if required.
ment of Fraport AG if required.
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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 oriented 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, mem-
bership 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 toward 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.
Performance indicators – No performance indicator, target value, or term has been defined within the scope of the Sustainability
Program.
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, additional
contactless Smiley Boxes were installed at the Frankfurt Airport to collect feedback. As part of the modernization of the security
inspection process, 20 check lanes with new computer tomography technology were introduced in Terminal A at Frankfurt Airport
in the reporting year. The benefits for passengers is a faster, more efficient process because liquids and electronic devices can
remain in hand baggage. The PaxZ system was expanded in order to enable optimum measurement of waiting times at security
checks and check-in areas and thus guarantee better forecasts of process times for passengers.
Fraport AG is expanding the digital and contactless travel experience for passengers at Frankfurt Airport together with its system
partners. Biometric methods play a central role here. Automatic face recognition replaces passengers presenting documents,
provides a fast and convenient service, and increases customer satisfaction. Further biometric touchpoints were put into operation
in Pier A/Z, B, and Terminal 2 in 2023.
In order to guarantee service quality and to meet passengers’ and airlines’ requirements, Fraport conducted extensive moderni-
zation measures at the Group airports. Several measures to improve passenger and business processes such as self bag tag
print and replacing the terminal equipment were implemented in Greece. A new software to manage lost baggage was introduced
at the Airport in Lima.
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 basic questionnaire from 2022 was broadly
adopted for the 2023 reporting year.
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At the fully consolidated international Group airports, regular surveys to measure passenger satisfaction, which were resumed in
2022, were continued in 2023, albeit with some reduced case numbers compared to pre-crisis levels. As in the previous year, the
sample sizes are sufficient to provide a valid figure for global satisfaction in both the international portfolio and the Group for the
2023 reporting year.
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). The recruitment campaign for Ground Handling started in 2022 at the Frankfurt site was continued in the 2023 reporting
year. However, the success was limited by strong traffic growth and the associated further increase in demand for personnel.
Infrastructure measures were also introduced to improve baggage connectivity. This means that the forwarding of non-transported
baggage items is now fully automated for many airlines so that passenger waiting time is shortened. In technical terms, the
required X-ray checks of connecting baggage was optimized in order to save valuable time in the transfer process by reducing
the malfunctions of the systems.
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).
Information and airport 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.
Information security
Objective – All important business and operating processes at Fraport are supported by IT systems. Due to the ongoing devel-
opment 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 unwanted publication.
Concepts, measures, and results – Fraport protects its IT systems and data against failure, manipulation, and unwanted
publication with active and preventive IT security management. These systems are configured redundantly and are housed at
separate sites. The risks in the area of IT security are included in the risk management system (see also the “Risk and Opportu-
nities 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
Management, or external advisors. In 2023, Fraport AG once again implemented a variety of projects to adequately respond to
the growing risks arising from information technology. In addition, further personnel were hired in this section. 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, potential for improvement identified within the scope of internal audits
as well as in the latest KRITIS audit conducted in 2023 according to the German IT Security Act for critical infrastructures (KRITIS)
will be processed and the Information Security Management System (ISMS) will be developed further.
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Within the scope of a working group in the German Aviation Association, Fraport AG along with other airport operators, Deutsche
Lufthansa, and German Air Traffic Control has developed the security standards of the industry. These are based on the new
KRITIS requirements. The aim is to comply with regulatory requirements and establish a high security standard within the aviation
industry.
The Group companies outside of Frankfurt use their own IT infrastructure, which 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
and Fraport Slovenija 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 Telecommu-
nication” 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 measur
e the effectiveness of the measures implemented. These indicators cannot be published for security reasons.
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.
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). 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.
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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 toward 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.
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 trainings. 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 has 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.
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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.
Security
Both international and European regulations contain guidelines on the structural design of airport infrastructure to prevent attacks
such as sabotage or terrorist activities.
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. On January 1, 2023, Fraport took over the organiza-
tion, management, and operation of aviation security services at Frankfurt Airport from the German Federal Police. Personnel and
goods checks are carried out by the Group company, FraSec Flughafensicherheit GmbH.
Fraport AG develops measures to maintain high security standards independently and in agreement with the competent
authorities. In the reporting year, responsibility for performing security services and passenger controls at Frankfurt Airport was
transferred. Since then, it has been possible for the airport operator to make greater progress with control and quality management
and thus to make processes more flexible and more efficient.
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 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.
Important non-financial performance indicators in the context of personnel matters are the key figures employee satisfaction,
women in management positions, and sickness rate in Germany. Another indicator used to monitor accident development is
LTIF (Lost Time Injury Frequency).
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 make it easier to derive target-oriented improvement measures on the basis of the results throughout
the Group. The survey is conducted every two years since the 2022 reporting year. Optimizing the derivation and implementation
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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. The questions are assigned to four topics – "My employer,"
"My workplace," "My team," and "My manager" – and rated on a scale of 1 to 7. An average score is calculated for each topic.
The average value of the 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.
In the survey performed in 2022, the aspects of remuneration, innovations, and professional development opportunities were
rated as below average. Because of this they were the focus of the measures that were developed Group-wide in the reporting
year. For the Frankfurt site, the potential for improvement was supplemented by the results from the HRneo strategic program
that was started in summer 2023. HRneo has the aim of realigning the HR section and increasing the employer attractiveness of
Fraport, positioning it for the future, and strengthening cohesion within the workforce across the Group.
The Group works 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, respon-
sibility 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 2023, Fraport continued its
activities to strengthen and utilize diversity in the Group. One focus was on the topic of discrimination. Seminars were offered to
employees to raise awareness about prejudices, racism, and discrimination in everyday life. 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 straightforward language and with
many illustrations, thus ensuring continuing language education.
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.
Performance indicator – Employee satisfaction at Fraport AG and in the Group as well as 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 indica-
tors” chapters).
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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 (Arbeitssicherheitsgesetz), Fraport AG has implemented an
occupational safety unit, an occupational health services unit, and prevention and health management under the Director of Labor
Relations, which advise and support corporate departments in the further development of occupational health and safety.
Measures to promote occupational health are controlled by the 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. Collaboration and the exchange of experience for all Group companies for which the Group guideline is binding
are organized in the Occupational Health and Safety Management System Board. The Board meets once per year. Overarch-
ing tasks are promoted together in order to work efficiently and conserve resources. In addition, there is a steering committee for
prevention and health management, where Group and sector-related health measures are discussed, and decisions are made.
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 decreased to 20.6 in the 2023 reporting year (previous year: 22.6). A
significant focus on accident prevention and avoiding work-related health risks could be seen mainly in the Ground Handling
segment. Due to the fast recovery in traffic after the coronavirus pandemic, accident figures have also come back into focus. As
part of recruitment measures, above all in the Ground Handling section, the integration of occupational safety measures into
training was an essential component. Furthermore, it is also especially important that occupational safety standards are
guaranteed when dealing with hazardous substances, 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 especially in operational sections.
The increased requirements that result from the now established hybrid working form were taken into account with numerous
digital health offers. The Prevention and Health Management department has structured the health measures and focused on
the requirements. Provision of licenses for a health app that have been available to interested employees of Fraport AG since
2022 was continued. A quarterly newsletter follows seasonal health topics in a digital format. In addition, in October 2023 there
was a dedicated Mental Health Week. Many offers such as screenings, travel vaccination advice, and a health market with
campaign stands, presentations, and checkups were also held on-site in Frankfurt.
Different programs to promote health in the workplace, and training courses on the issue of occupational safety have been
implemented at the international Group companies. Vaccination has also been offered at the airports in Slovenia and Greece.
Unannounced inspections were carried out regularly at Lima Airport in addition to the extensive occupational safety training
courses to ensure compliance with requirements.
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).
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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 a department within the
“Corporate Communications” central unit and assigned to the Chairman of the Executive Board. The so-called “neighborhood
framework” describes the geographical boundary for these support activities. The area is based on district and state borders
considering 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 professional 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.
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
foundation. 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
Jugendsozialarbeit, the KUBI Gesellschaft für Kultur und Bildung GmbH, the Berufsbildungswerk Südhessen in Karben, and the
“Pilot” unit of the Evangelische Kirchenkreis Hanau.
Even at many 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 the Group companies independently. In this regard,
the focus is on local projects, such as in the areas of child support, environmental protection, and sports. Earthquake victims in
Turkey and Syria have also been supported financially.
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 significantly below the figure of a LOG noise area determined in the 2007 planning decision below a
forecasted figure of 22,193 ha.
National and local regulations about noise protection apply at the Group sites. Violations against these regulations in the reporting
year are not known. The Group airports have implemented appropriate noise protection measures and monitoring systems.
Concepts, measures, and results – In order to minimize noise pollution, Fraport is constantly working toward pollution reduction
measures that go beyond the legal requirements.
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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 Greece, complaints about aircraft noise can also be submitted via the company website.
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.
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 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.
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.
A basic distinction is made between active and passive noise abatement.
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 sys-
tem, which enables a steeper angle of approach of 3.2 degrees for all runways in Frankfurt. With the so-called noise abatement
model in Frankfurt, in both off-peak periods at night, individual takeoff and landing runways 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, 2023, the noise-related airport charges have been further increased. The use of modern, quieter aircraft is
rewarded by the Noise Rating Index (NRI). Fraport is thus providing further economic incentives for airlines to take off or land in
Frankfurt using 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
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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 airlines must examine how they can reduce the noise level, for example by using quieter aircraft. The
calculations in the 2023 monitoring report for 2022 show that the levels did not exceed the noise emission ceiling in 2022. The
values of the previous year are always checked.
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. The deadline for submitting invoices ex-
pired on October 12, 2022, the invoices received on time have largely been approved by Darmstadt Regional Council with a few
exceptions and the funds paid out by Fraport.
In the area of passive noise abatement, the Fraport Group held provisions in the amount of €0.7 million as at the balance sheet
date of December 31, 2023 (see Group Notes, note 40, and Fraport AG’s Notes, note 30).
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.
is committed
Fraport
its environmental activities and performance
www.fraport.com/responsibility). To this end, the Group companies complete a comprehensive catalog of standardized
(see
environmental indicators once a year. The indicators are combined for reporting (see the “ESG Fact Book” at
report each year on
issuing a
to
www.fraport.com/publications and the environmental 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 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 yearly 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 im-
prove 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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The “Energiezirkel”, which was previously responsible for the monitoring of the ongoing long-term energy saving measures and
continuously examining further possible measures, was replaced in 2023 by the Decarbonization Board. This Board monitors
the implementation of the decarbonization master plan, continuously examines the ongoing and planned measures to cut
CO2 emissions, and reports the results to the Executive Board twice a year. Fraport is gradually switching to emission-free
alternatives for its vehicles on the apron. In addition, 94 electric vehicles and auxiliary devices were acquired in 2023. 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. In doing so, Fraport benefits from support from the State of Hesse. 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 2023, 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 renew-
able energies to meet our own electricity needs at the Frankfurt site as far as possible. Therefore, the construction of another
fence system was authorized in the reporting year. These are 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 substan-
tially affected by the structure as the system neither prevents rainfall reaching it nor provides permanent shading. Depending on
the approval, the photovoltaic system in the final expansion stage can extend to a length of 2,800 meters parallel to the runway
and generate a photovoltaic output of up to 18 megawatts.
The variety of individual measures that have already been decided upon and implemented in the last few years represent important
steps toward achieving the climate protection objectives of Fraport. A master plan for decarbonization up to 2045 was devel-
oped 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. In 2023, the master plan for decarbonization was also adopted by the fully consolidated international Group
airports and backed up with appropriate measures to reduce CO2 emissions.
The participation of Fraport in the Airport Carbon Accreditation program of the ACI (Airports Council International) serves as
proof of its 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, Mitilini, 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).
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 climate-relevant” –
which means fully consolidated subsidiaries with substantial energy consumption – 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.
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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, 78.4% 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 €12.4 million as at the balance sheet date of December 31, 2023
(see Group Notes, note 40, and Fraport AG’s Notes, note 30).
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, climate-relevant Group companies with certified environmental manage-
ment 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. An annual report 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.
At the local level, there is an overlap of limit-controlled air pollutants 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 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.
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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 Gemeinnützige
Umwelthaus GmbH (Umwelt- und Nachbarschaftshaus, UNH) in Kelsterbach to study so-called ultra-fine particulates (UFP). UFP
are solid or liquid air-borne particles with a diameter smaller than 100 nm. Unlike conventional, limit-controlled air pollutants,
airports have proven to be a major source of UFP. Due to their small size, UFP are classified as potentially harmful to health,
however, no reliable database exists to determine a dose-response relationship.
The HLNUG measurements have shown in the last few years that Frankfurt Airport clearly contributes to the UFP burden. At all
UFP 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 measuring sites are from the airport,
the airport’s influence still visibly stands out from the baseline concentration. In January 2023, scientists at the Goethe University
Frankfurt in collaboration with the HLNUG published new findings. An analysis of the chemical composition of the measured UFP
in Frankfurt-Schwanheim was carried out in this study. The investigations showed that the UFP partly consist of synthetic turbine
lubrication oils and therefore the formation of ultra-fine particulates on engines is not limited to the combustion of jet fuel.
Furthermore, in August 2023 the HLNUG published a short report on the measurements completed after two and a half years in
the Municipality of Flörsheim located directly to the west of the airport. As already known from the previous UFP reports, the
measured particle number concentration at the Flörsheim site is also clearly dependent on the wind direction. If the wind blows
from the direction of the airport during flight operations, the particle number concentration clearly increases. Furthermore, the
latest evaluations by the HLNUG show that even at night outside of the airport operating times (between 12:00 a.m. and 5:00
a.m.) an increased particle number concentration resulted in the event of wind from an easterly direction, which points toward
further sources of UFP in this direction outside of flight operations. The analyses also showed that short-term peaks in the particle
number concentration occurred both at times with overflights over Flörsheim and also at times outside of flight operations and
when the Runway Northwest was closed (from December 16, 2020 to May 31, 2021). Therefore, no clear causal connection can
be derived between the individual direct overflights over Flörsheim in landing approaches to the Runway Northwest and the
concentration peaks.
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 Hessian state government and will carry out a comprehensive study on ultra-fine
particulates. A “UFP” working group has been set up at UNH, in which Fraport AG is also involved. Due to the complexity of the
topic and building on the measurement results of the HLNUG and the findings of a previous hearing of experts in August 2019,
the FFR has decided to commission the study to assess the exposure of the Rhine-Main region to UFP and its health effects in
two main parts: a pollution study and an impact study. The contracting entity of the studies is UNH, which acts as an office of the
FFR. The “SOURCE FFR (Study On Ultrafine particles Frankfurt airport Region) – measurement & modelling” UFP pollution study
commissioned by UNH began in April 2023. The pollution study is being conducted by a consortium under the leadership of the
Leibniz Institute for Tropospheric Research (TROPOS). Fraport AG is supporting the study project by conducting the measure-
ments on the airport site and providing a variety of operating and activity data for emissions modeling of sources related to the
airport.
The pollution study is expected to be completed in 2026. The results should form the basis for the impact study on the possible
health effects of UFP, to be carried out at a later date. A design to develop an impact study is being developed in parallel to the
pollution study. 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
https://www.ultrafeinstaub-studie.de/en.
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.
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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.
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. Currently, around 570 vehicles (previous year: 540) of the Fraport vehicles in Ground
Services at Frankfurt Airport already have electric engines. This corresponds to approximately 27% of the vehicles (previous year:
around 27%). By 2026, a further 600 passenger cars, small vans, buses, and specific ground handling vehicles with electric
transmission will be put into operation.
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.
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 toward a more sustainable economy. Through the
Regulation, pre-defined economic activities are uniformly assessed with regard to their contribution to the European Commission’s
six environmental objectives – climate change mitigation (CCM), climate change adaptation (CCA), water (WTR), circular
economy (CE), pollution prevention and control (PPC), and biodiversity (BIO) – 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 2023
reporting period related to the six environmental objectives of the European Commission 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 the taxonomy-
eligible or taxonomy-aligned economic activities contribute to the environmental objectives climate change mitigation and the
transition to a circular economy.
Definitions
A taxonomy-eligible economic activity means an economic activity that is described in the current delegated acts on the six
environmental objectives, irrespective of whether that economic activity meets any or all of the technical screening criteria laid out
in those delegated acts. Conversely, all economic activities not described in the delegated acts are considered as taxonomy
non-eligible.
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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 significantly harm any of the other environmental objectives (DNSH).
It is performed in keeping with the minimum safeguards.
Revenue KPI
The share of taxonomy-eligible Group revenue was calculated as the portion of the 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).
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”. Revenue from the renting of buildings is mainly reflected
in the revenue in the Retail & Real Estate and International Activities & Services segments. Furthermore, Fraport obtains taxon-
omy-eligible revenue by providing the passenger transport system. This comes under the economic activity 6.3 “Urban and sub-
urban transport, road passenger transport”. The related costs are passed on to airlines within the airport charges of the Aviation
segment. To determine the taxonomy-eligible portion, a distribution formula was applied based on the cost basis to ensure appro-
priate allocation to the charges. The economic activity 6.20 “Air transport ground handling operations” was newly introduced into
the Regulation by the European Commission in 2023. Fraport obtains taxonomy-eligible revenue here, both at the Frankfurt site
and at foreign airports.
Revenue in connection with the renting of buildings are taxonomy-aligned at the Greek Group airports at Fraport Greece in eight
terminals. With their environmental certificates for the relevant buildings, these meet the technical screening criteria. The buildings
rented there belong to the best 15% of national Greek buildings in terms of energy efficiency and can therefore be classified as
taxonomy-aligned.
The taxonomy-aligned revenue of the passenger transport system increased to €37.09 million, mainly contingent on the higher
passenger volume (previous year: €25.10 million). In addition, taxonomy-aligned revenue from rental income at Fraport Greece
of €58.15 million is recognized for the first time (previous year: €0.0 million).
The taxonomy-eligible revenue described in the following does not contain any taxonomy-aligned portions. With regard to the
renting of buildings, an increase in the taxonomy-eligible revenue to €650.08 million is recorded (previous year: €605.40 million).
In the reporting year, new taxonomy-eligible revenue from the economic activity 6.20 “Air transport ground handling operations”
of €752.54 million were added. Frankfurt had the substantial portion with €656.62 million, followed by Lima with €59.39 million.
Capital expenditure (Capex) KPI
The Capex KPI, which indicates the proportion of taxonomy-eligible capital expenditure, is defined as the ratio of capital
expenditure 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).
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) plus
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• 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 allo-
cated in particular to the economic activity 6.3 “Local and urban passenger transport, passenger road transport”. Given that the
economic activity and the operation of the passenger transport system cannot be carried out without the corresponding rail infra-
structure or stations, Fraport considers the related capital expenditure to be connected with the economic activity 6.3. The eco-
nomic activity 3.4 “Maintenance of roads and motorways” was newly included in the Regulation by the EU Commission in 2023.
In total, the following taxonomy-eligible economic activities were identified in the Fraport Group in the climate change mitiga-
tion environmental objective:
•
•
•
•
•
•
•
•
•
4.1 Electricity generation using solar photovoltaic technology
6.3 Urban and suburban transport, road passenger transport
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, regulating, and controlling energy
performance of buildings
6.20 Air transport ground handling operations
For the environmental objective transition to a circular economy, the following taxonomy-eligible economic activities were
identified:
•
3.4 Maintenance of roads and motorways
In order to avoid double counting when calculating the Capex ratio, economic activities were allocated either the letter a) or c).
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, regulating, and controlling energy
performance of buildings
All taxonomy-eligible and taxonomy-aligned additions are to be attributed to investments in infrastructure and terminal buildings.
The taxonomy-aligned additions for the passenger transport system fell slightly compared to the previous year to €97.71 million
(previous year: €103.10 million). Another taxonomy-aligned addition concerns economic activity 7.5 “Installation, maintenance,
and repair of instruments and devices” with €27.51 million (previous year: €39.22 million). This includes, for example, the instal-
lation of facades with a solar control function and the technical centers in Terminal 3.
The additions described in the following do not contain any taxonomy-aligned portions. A substantial taxonomy-eligible addition
to economic activity 7.1 “Construction of new buildings” of €396.31 million also comes from Lima with the construction of the new
passenger terminal. A total of €928.59 million arose here (previous year: €623.14 million). The construction of Terminal 3 in
Frankfurt contributed to this with a volume of €491.70 million. The new economic activity 6.20 “Air transport ground handling
operations” shows taxonomy-eligible additions of €38.06 million, a large portion of which relates to the baggage transfer system
in Terminal 3. The economic activity 7.2 contributes €35.33 million to the taxonomy-eligible Capex.
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Operating expenditure (Opex) KPI
To determine the ratio of operating expenditure (Opex KPI), the taxonomy-eligible operating expenditure (numerator) accord-
ing 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, and maintenance and repair. Any other direct
expenditure relating to the day-to-day servicing of assets of property, plant, and equipment by the undertaking or third parties is
also included here.
Thus, the definition of operating expenditure in accordance with the EU Taxonomy Regulation clearly differs from the definition of
operating expenses used in the rest of the combined 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 2023 results from maintenance expenses for the passenger transport system as well as maintenance expenses
for rented buildings. The maintenance expenses for rented buildings are determined using a formula, which should guarantee an
appropriate distribution involving the segment results. As with revenue, in 2023 the economic activity 6.20 “Air transport ground
handling operations” is added, and the expenses related to this concern, in particular, maintaining the baggage transfer system.
A formula was applied here, which guarantees an appropriate distribution of maintenance expenses based on the segment distri-
bution. The economic activity 3.4 “Maintenance of roads and motorways” is also new; a component of this is the maintenance of
the runways.
In the same way as the revenue, the maintenance expenses for the passenger transport system are taxonomy-aligned operating
expenditure. The maintenance expenses at the Greece site for the buildings that belong to the top 15% of national buildings with
regard to energy efficiency are also aligned.
The taxonomy-aligned Opex consists of the economic activity 6.3 “Urban and suburban transport, road passenger transport” with
the maintenance of the passenger transport system of €9.15 million (previous year: €7.10 million), and the economic activity 7.7
“Acquisition and ownership of buildings” with the aligned portion at Fraport Greece of €5.95 million.
The taxonomy-eligible amounts described in the following section do not contain any taxonomy-aligned portions. A taxonomy-
eligible amount of €11.03 million resulted from the new economic activity 3.4 “Maintenance of roads and motorways”; this includes,
for example, the renovation of Runway Northwest at the Frankfurt site. In addition, the economic activity 6.20 “Air transport ground
handling operations” contributes a total of €9.67 million. The expenses are determined using a formula as described above. The
economic activity 7.7 “Acquisition and ownership of buildings” contributes €33.20 million (previous year: €28.40 million), a signifi-
cant part comes from Fraport AG with a total amount of €19.85 million.
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 at the Frankfurt site, 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
passenger transport”. The substantial contribution is met by criterion (a), as the passenger transport system does not
cause any direct CO2 emissions. The same applies to investments in the passenger transport system in connection with
the expansion of Terminal 3.
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•
•
• 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, Fraport assigns 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
substantial 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, regulat-
ing, 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 operation of the eight terminal buildings of Fraport Greece comes under the economic activity 7.7 “Acquisition
and ownership of buildings”. The substantial contribution is met as the terminal buildings under consideration count
toward the top 15% of the national buildings in Greece in their energy efficiency classes.
•
The substantial contribution could not be proven for the taxonomy-eligible economic activities 7.1 “Construction of new buildings”
and 7.2 “Renovation of existing buildings”. For the economic activities 6.20 “Air transport ground handling operations” and 3.4
“Maintenance of roads and motorways”, which were newly added to the Regulation, only the taxonomy eligibility must be checked
in this year due to a relief provision.
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. In this year, the potentially taxonomy-aligned economic activities are limited to Fraport AG and Fraport
Greece, therefore the assessment is concentrated on these two sites. 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 worst 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 identified, 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 taxon-
omy-compliant economic activities. For Fraport Greece the overall climate risk for the sites is at level 3 to 4, in the high to extreme
range.
In the current version of the EU Taxonomy Regulation, it has not been defined how often the analysis needs to be updated. No
annual update is carried out as time periods up to 2100 are covered in the projection scenarios. If extraordinary circumstances or
substantial innovations should occur, an ad-hoc update will be executed. Irrespective of the updating of the assessment, the
contents of the analyses are revised in every set of annual financial statements, for example to add new aligned economic activities
and adaptation measures.
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.
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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.
For the economic activities under 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,
regulating, and controlling energy performance of buildings” and 7.7 “Acquisition and ownership of buildings”, no DNSH criteria
are defined for the other 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 Final Report on Minimum Safeguards from the Platform on Sustainable Finance of October 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 ongo-
ing basis to determine whether the measures taken are effective in preventing negative impacts.
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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Templates turnover
Templates turnover
Economic activities
Economic activities
Code(s)
Code(s)
Turnover
Turnover
Proportion
of turnover
2023
Proportion
Climate
change
of turnover
2023
mitigation
Climate
Climate
change
change
mitigation
adaptation
Climate
change
adaptation
Water
Water
Pollution
Substantial contribution criteria
Biodiversity
Circular
Economy
Substantial contribution criteria
Biodiversity
Circular
Economy
Pollution
(1)
(1)
(2)
(2)
(3)
€ mil.
(3)
€ mil.
(4)
%
(4)
(5)
%
Y; N; N/EL
(5)
(6)
Y; N; N/EL
Y; N; N/EL
(6)
(7)
Y; N; N/EL
Y; N; N/EL
(7)
(8)
Y; N; N/EL
Y; N; N/EL
(8)
(9)
Y; N; N/EL
Y; N; N/EL
(9)
(10)
Y; N; N/EL
Y; N; N/EL
(10)
Y; N; N/EL
A. TAXONOMY-ELIGIBLE ACTIVITIES
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities
A.1. Environmentally sustainable activities
(Taxonomy-aligned)
(Taxonomy-aligned)
CCM 6.3
37.09
58.15
CCM 7.7
95.24
0.00
37.09
37.09
58.15
0.93
1.45
95.24
2.38
0.00
37.09
0.00
0.93
0.93
1.45
Y
Y
2.38
2.38%
0.00
0.93
0%
0.93%
N/EL
Y
Y
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
2.38%
0%
0%
0%
0.93%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
N/EL
N/EL
0%
0%
CCM 6.20
CCM 7.7
752.54
650,08
752.54
650,08
18.81
16,25
EL; N/EL
18.81
EL
16,25
EL
EL; N/EL
EL; N/EL
EL
N/EL
EL
N/EL
EL; N/EL
EL; N/EL
N/EL
N/EL
N/EL
N/EL
EL; N/EL
EL; N/EL
N/EL
N/EL
N/EL
N/EL
EL; N/EL
EL; N/EL
N/EL
N/EL
N/EL
N/EL
EL; N/EL
EL; N/EL
N/EL
N/EL
N/EL
N/EL
EL; N/EL
N/EL
N/EL
1,402.62
1,402.62
35.06
35.06
35.06%
35.06%
0%
0%
0%
0%
0%
0%
0%
0%
0%
1,497.86
1,497.86
37.44
37.44
37.44%
37.44%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
2,502.63
2,502.63
62.56
62.56
4,000.49
4,000.49
100.00
100.00
Urban and suburban transport,
road passenger transport
Acquisition and ownership of buildings
Urban and suburban transport,
road passenger transport
Acquisition and ownership of buildings
CCM 6.3
CCM 7.7
Turnover of environmentally sustainable
activities (Taxonomy-aligned) (A.1)
Turnover of environmentally sustainable
activities (Taxonomy-aligned) (A.1)
Of which enabling
Of which enabling
Of which transitional
Of which transitional
A.2. Taxonomy-Eligible but not
A.2. Taxonomy-Eligible but not
environmentally sustainable activities
environmentally sustainable activities
(not Taxonomy-aligned activities)
(not Taxonomy-aligned activities)
Air transport ground handling operations
Acquisition and ownership of buildings
Air transport ground handling operations
Acquisition and ownership of buildings
CCM 6.20
CCM 7.7
Turnover of Taxonomy-eligible but not
environmentally sustainable activities
(not Taxonomy-aligned activities) (A.2)
Turnover of Taxonomy-eligible but not
environmentally sustainable activities
(not Taxonomy-aligned activities) (A.2)
A. Turnover of Taxonomy-eligible activities
(A.1+A.2)
A. Turnover of Taxonomy-eligible activities
(A.1+A.2)
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy-non-eligible
activities
Total (A + B)
Turnover of Taxonomy-non-eligible
activities
Total (A + B)
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Substantial contribution criteria
Substantial contribution criteria
Substantial contribution criteria
Biodiversity
Circular
Biodiversity
Biodiversity
Economy
Circular
Economy
Pollution
Climate
change
mitigation
Climate
change
adaptation
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98
98
Fraport Annual Report 2023
Templates turnover
Templates turnover
Templates turnover
Templates turnover
Economic activities
Economic activities
Economic activities
Economic activities
Code(s)
Code(s)
Turnover
Turnover
Proportion
Code(s)
Code(s)
Proportion
Turnover
Climate
Turnover
Proportion
Climate
Climate
Proportion
Climate
Climate
Water
Climate
Climate
Pollution
Water
Climate
Pollution
Water
Circular
Water
Pollution
Biodiversity
Circular
of turnover
of turnover
change
of turnover
change
change
of turnover
change
change
change
change
change
Economy
Economy
2023
mitigation
2023
mitigation
adaptation
2023
2023
mitigation
adaptation
mitigation
adaptation
adaptation
Substantial contribution criteria
(1)
(1)
(2)
(1)
(2)
(3)
(1)
(2)
(3)
(4)
(2)
(3)
(4)
(5)
(3)
(4)
(5)
(6)
(4)
(5)
(6)
(7)
(5)
(6)
(7)
(8)
(6)
(7)
(8)
(9)
(7)
(8)
(9)
(10)
€ mil.
€ mil.
%
Y; N; N/EL
€ mil.
%
€ mil.
Y; N; N/EL
Y; N; N/EL
%
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
%
A. TAXONOMY-ELIGIBLE ACTIVITIES
A. TAXONOMY-ELIGIBLE ACTIVITIES
A. TAXONOMY-ELIGIBLE ACTIVITIES
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities
A.1. Environmentally sustainable activities
A.1. Environmentally sustainable activities
A.1. Environmentally sustainable activities
(Taxonomy-aligned)
(Taxonomy-aligned)
(Taxonomy-aligned)
(Taxonomy-aligned)
Urban and suburban transport,
Urban and suburban transport,
Urban and suburban transport,
Urban and suburban transport,
CCM 6.3
CCM 6.3
CCM 6.3
CCM 6.3
A.2. Taxonomy-Eligible but not
A.2. Taxonomy-Eligible but not
A.2. Taxonomy-Eligible but not
A.2. Taxonomy-Eligible but not
environmentally sustainable activities
environmentally sustainable activities
environmentally sustainable activities
environmentally sustainable activities
(not Taxonomy-aligned activities)
(not Taxonomy-aligned activities)
(not Taxonomy-aligned activities)
(not Taxonomy-aligned activities)
Air transport ground handling operations
Air transport ground handling operations
Air transport ground handling operations
Air transport ground handling operations
CCM 6.20
CCM 6.20
752.54
CCM 6.20
752.54
18.81
CCM 6.20
752.54
18.81
EL
752.54
18.81
N/EL
EL
18.81
N/EL
N/EL
EL
EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
Acquisition and ownership of buildings
Acquisition and ownership of buildings
Acquisition and ownership of buildings
Acquisition and ownership of buildings
CCM 7.7
CCM 7.7
650,08
CCM 7.7
650,08
16,25
CCM 7.7
650,08
16,25
EL
650,08
16,25
N/EL
EL
16,25
N/EL
N/EL
EL
EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
(8)
(9)
(10)
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
(9)
Y; N; N/EL
(10)
Y; N; N/EL
(10)
Y; N; N/EL
(11)
Y/N
(12)
Y/N
(13)
Y/N
(14)
Y/N
(15)
Y/N
(16)
Y/N
(17)
Y/N
road passenger transport
road passenger transport
road passenger transport
road passenger transport
37.09
37.09
0.93
37.09
0.93
Y
37.09
0.93
N/EL
Y
0.93
N/EL
N/EL
Y
Y
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
Acquisition and ownership of buildings
Acquisition and ownership of buildings
Acquisition and ownership of buildings
Acquisition and ownership of buildings
CCM 7.7
CCM 7.7
58.15
CCM 7.7
58.15
1.45
CCM 7.7
58.15
1.45
Y
58.15
1.45
N/EL
Y
1.45
N/EL
N/EL
Y
Y
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Turnover of environmentally sustainable
Turnover of environmentally sustainable
Turnover of environmentally sustainable
Turnover of environmentally sustainable
activities (Taxonomy-aligned) (A.1)
activities (Taxonomy-aligned) (A.1)
activities (Taxonomy-aligned) (A.1)
activities (Taxonomy-aligned) (A.1)
95.24
95.24
2.38
95.24
2.38
2.38%
95.24
2.38%
2.38
0%
2.38
2.38%
0%
0%
2.38%
0%
0%
0%
Of which enabling
Of which enabling
Of which enabling
Of which enabling
0.00
0.00
0.00
0.00
0%
0.00
0.00
0%
0%
0.00
0%
0%
0%
0%
0%
0%
0%
Of which transitional
Of which transitional
Of which transitional
Of which transitional
37.09
0.93
37.09
0.93
0.93%
37.09
0.93%
0.93
0.93
0.93%
0.93%
0.00
37.09
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%
Turnover of Taxonomy-eligible but not
Turnover of Taxonomy-eligible but not
Turnover of Taxonomy-eligible but not
Turnover of Taxonomy-eligible but not
environmentally sustainable activities
environmentally sustainable activities
environmentally sustainable activities
environmentally sustainable activities
A. Turnover of Taxonomy-eligible activities
A. Turnover of Taxonomy-eligible activities
A. Turnover of Taxonomy-eligible activities
A. Turnover of Taxonomy-eligible activities
(not Taxonomy-aligned activities) (A.2)
(not Taxonomy-aligned activities) (A.2)
(not Taxonomy-aligned activities) (A.2)
(not Taxonomy-aligned activities) (A.2)
1,402.62
1,402.62
35.06
1,402.62
35.06
35.06%
1,402.62
35.06%
35.06
0%
35.06
35.06%
0%
0%
35.06%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
(A.1+A.2)
(A.1+A.2)
(A.1+A.2)
(A.1+A.2)
1,497.86
1,497.86
37.44
1,497.86
37.44
37.44%
1,497.86
37.44%
37.44
0%
37.44
37.44%
0%
0%
37.44%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy-non-eligible
Turnover of Taxonomy-non-eligible
Turnover of Taxonomy-non-eligible
Turnover of Taxonomy-non-eligible
activities
activities
activities
activities
2,502.63
2,502.63
62.56
2,502.63
62.56
2,502.63
62.56
62.56
Total (A + B)
Total (A + B)
Total (A + B)
Total (A + B)
4,000.49
4,000.49
100.00
4,000.49
100.00
4,000.49
100.00
100.00
EL; N/EL
N/EL
N/EL
EL; N/EL
EL; N/EL
N/EL
N/EL
N/EL
N/EL
EL; N/EL
N/EL
N/EL
EL; N/EL
N/EL
N/EL
EL; N/EL
N/EL
N/EL
DNSH criteria (Does Not Significantly Harm)
Biodiversity
Pollution
Circular
Economy
Water
Minimum
Safeguards
Proportion of
Taxonomy-
aligned (A.1.)
or -eligible
(A.2.) turno-
ver 2022
(18)
%
Category
enabling
activity
Category
transitional
activity
(19)
E
(20)
T
T
T
E
0.79
0
0.79
0
18.95
18.95
19.74
80.26
100.00
109
Fraport Annual Report 2023To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther Information
100
Group Management Report / Economic Report
Group Management Report / Economic Report
100
Fraport Annual Report 2023
Fraport Annual Report 2023
Template capital expenditures (Capex)
Template capital expenditures (Capex)
Economic activities
Economic activities
Code(s)
Code(s)
Absolute
Capex
Proportion
Absolute
Capex
of Capex
2023
Proportion
Climate
change
of Capex
2023
mitigation
Climate
Climate
change
change
mitigation
adaptation
Water
Climate
change
adaptation
Water
Pollution
Substantial contribution criteria
Biodiversity
Circular
Economy
Substantial contribution criteria
Biodiversity
Circular
Economy
Pollution
(1)
(1)
(2)
(2)
(3)
€ mil.
(3)
€ mil.
(4)
%
(4)
(5)
%
Y; N; N/EL
(5)
(6)
Y; N; N/EL
Y; N; N/EL
(6)
(7)
Y; N; N/EL
Y; N; N/EL
(7)
(8)
Y; N; N/EL
Y; N; N/EL
(8)
(9)
Y; N; N/EL
Y; N; N/EL
(9)
(10)
Y; N; N/EL
Y; N; N/EL
(10)
Y; N; N/EL
A. TAXONOMY-ELIGIBLE ACTIVITIES
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities
A.1. Environmentally sustainable activities
(Taxonomy-aligned)
(Taxonomy-aligned)
CCM 4.1
CCA 4.1
CCM 6.3
CCA 6.3
CCM 6.17
Electricity generation using solar
Electricity generation using solar
photovoltaic technology
photovoltaic technology
Urban and suburban transport,
Urban and suburban transport,
road passenger transport
road passenger transport
Low carbon airport infrastructure
Low carbon airport infrastructure
Installation, maintenance and repair of
Installation, maintenance and repair of
charging stations for electric vehicles in
charging stations for electric vehicles in
buildings (and parking spaces attached
buildings (and parking spaces attached
to buildings)
to buildings)
Installation, maintenance and repair of
Installation, maintenance and repair of
instruments and devices for measuring,
instruments and devices for measuring,
regulation and controlling energy
regulation and controlling energy
performance of buildings
performance of buildings
CCM 7.4
CCA 7.4
CCM 7.5
CCA 7.5
0.87
CCM 4.1
CCA 4.1
CCM 6.3
CCA 6.3
CCM 6.17
97.71
1.67
CCM 7.4
CCA 7.4
0.37
CCM 7.5
CCA 7.5
27.51
0.87
0.06
0.06
Y
Y
N
N
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
97.71
1.67
6.51
0.11
6.51
0.11
Y
Y
Y
N
Y
N/EL
N
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
0.37
0.02
0.02
Y
Y
N
N
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
27.51
1.83
1.83
Y
Y
N
N
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
128.13
128.13
8.53
29.55
97.71
29.55
97.71
1.96
6.51
8.53
8.53%
1.96%
1.96
6.51
6.51%
8.53%
0.00%
0.00%
1.96%
6.51%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
CE 3.4
CCM 6.20
CCM 7.1
CCM 7.2
14.97
38.06
928.59
35.33
14.97
38.06
928.59
35.33
1.00
2.53
61.84
2.35
EL; N/EL
1.00
N/EL
2.53
EL
61.84
EL
2.35
EL
EL; N/EL
EL; N/EL
N/EL
N/EL
N/EL
EL
EL
EL
EL
EL
EL; N/EL
EL; N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
EL
EL
N/EL
EL; N/EL
EL; N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
EL; N/EL
EL; N/EL
N/EL
EL
N/EL
N/EL
N/EL
EL
N/EL
EL
EL; N/EL
EL; N/EL
EL
N/EL
N/EL
N/EL
N/EL
EL
EL
N/EL
EL; N/EL
N/EL
N/EL
N/EL
N/EL
CCM 7.3
0.45
0.45
0.03
0.03
EL
EL
EL
EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
CCM 7.5
1.26
1.26
0.08
0.08
EL
EL
EL
N/EL
EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
1,018.66
1,018.66
67.83
67.83
66.83%
66.83%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
1.00%
1.00%
0.00%
0.00%
1,146.79
1,146.79
76.36
76.36
75.36%
75.36%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
1.00%
1.00%
0.00%
0.00%
354.91
354.91
23.64
23.64
1,501.70
1,501.70
100.00
100.00
CapEx of environmentally sustainable
activities (Taxonomy-aligned) (A.1)
CapEx of environmentally sustainable
activities (Taxonomy-aligned) (A.1)
Of which enabling
Of which transitional
A.2. Taxonomy-Eligible but not environ-
mentally sustainable activities
(not Taxonomy-aligned activities)
Of which enabling
Of which transitional
A.2. Taxonomy-Eligible but not environ-
mentally sustainable activities
(not Taxonomy-aligned activities)
CE 3.4
CCM 6.20
CCM 7.1
CCM 7.2
Maintenance of roads and motorways
Maintenance of roads and motorways
Air transport ground handling operations
Air transport ground handling operations
Construction of new buildings
Construction of new buildings
Renovation of existing buildings
Renovation of existing buildings
Installation, maintenance and repair of
Installation, maintenance and repair of
energy efficiency equipment
energy efficiency equipment
Installation, maintenance and repair of
Installation, maintenance and repair of
instruments and devices for measuring,
instruments and devices for measuring,
regulation and controlling energy
regulation and controlling energy
performance of buildings
performance of buildings
CCM 7.3
CCM 7.5
Capex of Taxonomy-eligible but not
environmentally sustainable activities
(not Taxonomy-aligned activities) (A.2)
Capex of Taxonomy-eligible but not
environmentally sustainable activities
(not Taxonomy-aligned activities) (A.2)
A. Capex of Taxonomy-eligible activities
(A.1+A.2)
A. Capex of Taxonomy-eligible activities
(A.1+A.2)
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Capex of Taxonomy-non-eligible activities
Total (A + B)
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Capex of Taxonomy-non-eligible activities
Total (A + B)
110
To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther InformationFraport Annual Report 2023
Fraport Annual Report 2023
Fraport Annual Report 2023
Fraport Annual Report 2023
Fraport Annual Report 2023
Fraport Annual Report 2023
Group Management Report / Economic Report
101
Minimum
Safeguards
Water
Circular
Economy
DNSH criteria (Does Not Significantly Harm)
Biodiversity
Pollution
Template capital expenditures (Capex)
Template capital expenditures (Capex)
Template capital expenditures (Capex)
Template capital expenditures (Capex)
Template capital expenditures (Capex)
Economic activities
Economic activities
Economic activities
Economic activities
Economic activities
Code(s)
Code(s)
Absolute
Code(s)
Absolute
Proportion
Code(s)
Code(s)
Absolute
Proportion
Climate
Absolute
Absolute
Proportion
Climate
Proportion
Proportion
Climate
Climate
Climate
Water
Climate
Climate
Climate
Water
Pollution
Climate
Climate
Water
Pollution
Capex
Capex
of Capex
Capex
of Capex
change
Capex
Capex
of Capex
change
change
of Capex
of Capex
change
change
change
change
change
2023
mitigation
2023
mitigation
adaptation
2023
mitigation
adaptation
2023
2023
mitigation
mitigation
adaptation
adaptation
adaptation
Substantial contribution criteria
Substantial contribution criteria
Substantial contribution criteria
Substantial contribution criteria
Substantial contribution criteria
Biodiversity
Biodiversity
Circular
Biodiversity
Circular
Biodiversity
Circular
Economy
Economy
Economy
Pollution
Biodiversity
Economy
Pollution
Pollution
Circular
Circular
Water
Water
Economy
change
change
Climate
change
mitigation
Climate
change
adaptation
100
Group Management Report / Economic Report
Group Management Report / Economic Report
Group Management Report / Economic Report
Group Management Report / Economic Report
Group Management Report / Economic Report
100
100
100
100
Fraport Annual Report 2023
A. TAXONOMY-ELIGIBLE ACTIVITIES
A. TAXONOMY-ELIGIBLE ACTIVITIES
A. TAXONOMY-ELIGIBLE ACTIVITIES
A. TAXONOMY-ELIGIBLE ACTIVITIES
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities
A.1. Environmentally sustainable activities
A.1. Environmentally sustainable activities
A.1. Environmentally sustainable activities
A.1. Environmentally sustainable activities
(Taxonomy-aligned)
(Taxonomy-aligned)
(Taxonomy-aligned)
(Taxonomy-aligned)
(Taxonomy-aligned)
Electricity generation using solar
Electricity generation using solar
Electricity generation using solar
Electricity generation using solar
Electricity generation using solar
CCM 4.1
CCM 4.1
CCM 4.1
CCM 4.1
CCM 4.1
photovoltaic technology
photovoltaic technology
photovoltaic technology
photovoltaic technology
photovoltaic technology
CCA 4.1
CCA 4.1
0.87
CCA 4.1
0.87
CCA 4.1
CCA 4.1
0.06
0.87
0.06
0.87
0.87
0.06
Y
Y
0.06
0.06
N
Y
N
N/EL
Y
Y
N
N/EL
N/EL
N
N/EL
N
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
Urban and suburban transport,
Urban and suburban transport,
Urban and suburban transport,
Urban and suburban transport,
Urban and suburban transport,
CCM 6.3
CCM 6.3
CCM 6.3
CCM 6.3
CCM 6.3
road passenger transport
road passenger transport
road passenger transport
road passenger transport
road passenger transport
CCA 6.3
CCA 6.3
97.71
CCA 6.3
97.71
CCA 6.3
CCA 6.3
6.51
97.71
6.51
97.71
97.71
6.51
Y
Y
6.51
6.51
N
Y
N
N/EL
Y
Y
N
N/EL
N/EL
N
N/EL
N
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
Low carbon airport infrastructure
Low carbon airport infrastructure
Low carbon airport infrastructure
Low carbon airport infrastructure
Low carbon airport infrastructure
CCM 6.17
CCM 6.17
1.67
CCM 6.17
1.67
CCM 6.17
CCM 6.17
0.11
1.67
0.11
1.67
1.67
0.11
Y
Y
N/EL
0.11
0.11
Y
N/EL
N/EL
Y
N/EL
Y
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
to buildings)
to buildings)
to buildings)
to buildings)
to buildings)
CCA 7.4
CCA 7.4
0.37
CCA 7.4
0.37
CCA 7.4
CCA 7.4
0.02
0.37
0.02
0.37
0.37
0.02
Y
Y
0.02
0.02
N
Y
N
N/EL
Y
Y
N
N/EL
N/EL
N
N/EL
N
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
Installation, maintenance and repair of
Installation, maintenance and repair of
Installation, maintenance and repair of
Installation, maintenance and repair of
Installation, maintenance and repair of
charging stations for electric vehicles in
charging stations for electric vehicles in
charging stations for electric vehicles in
charging stations for electric vehicles in
charging stations for electric vehicles in
buildings (and parking spaces attached
buildings (and parking spaces attached
buildings (and parking spaces attached
buildings (and parking spaces attached
buildings (and parking spaces attached
CCM 7.4
CCM 7.4
CCM 7.4
CCM 7.4
CCM 7.4
Installation, maintenance and repair of
Installation, maintenance and repair of
Installation, maintenance and repair of
Installation, maintenance and repair of
Installation, maintenance and repair of
instruments and devices for measuring,
instruments and devices for measuring,
instruments and devices for measuring,
instruments and devices for measuring,
instruments and devices for measuring,
regulation and controlling energy
regulation and controlling energy
regulation and controlling energy
regulation and controlling energy
regulation and controlling energy
CCM 7.5
CCM 7.5
CCM 7.5
CCM 7.5
CCM 7.5
performance of buildings
performance of buildings
performance of buildings
performance of buildings
performance of buildings
CCA 7.5
CCA 7.5
27.51
CCA 7.5
27.51
CCA 7.5
CCA 7.5
1.83
27.51
1.83
27.51
27.51
1.83
Y
Y
1.83
1.83
N
Y
N
N/EL
Y
Y
N
N/EL
N/EL
N
N/EL
N
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
CapEx of environmentally sustainable
CapEx of environmentally sustainable
CapEx of environmentally sustainable
CapEx of environmentally sustainable
CapEx of environmentally sustainable
activities (Taxonomy-aligned) (A.1)
activities (Taxonomy-aligned) (A.1)
activities (Taxonomy-aligned) (A.1)
activities (Taxonomy-aligned) (A.1)
activities (Taxonomy-aligned) (A.1)
128.13
128.13
8.53
128.13
8.53
8.53%
128.13
128.13
8.53
8.53%
0.00%
8.53
8.53
8.53%
0.00%
0.00%
8.53%
8.53%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Of which enabling
Of which enabling
Of which enabling
Of which enabling
Of which enabling
29.55
1.96
29.55
1.96
1.96%
29.55
29.55
1.96
1.96%
0.00%
1.96
1.96
1.96%
0.00%
0.00%
1.96%
1.96%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Of which transitional
Of which transitional
Of which transitional
Of which transitional
Of which transitional
97.71
6.51
97.71
6.51
6.51%
97.71
97.71
6.51
6.51%
6.51
6.51
6.51%
6.51%
6.51%
29.55
97.71
A.2. Taxonomy-Eligible but not environ-
A.2. Taxonomy-Eligible but not environ-
A.2. Taxonomy-Eligible but not environ-
A.2. Taxonomy-Eligible but not environ-
A.2. Taxonomy-Eligible but not environ-
mentally sustainable activities
mentally sustainable activities
mentally sustainable activities
mentally sustainable activities
mentally sustainable activities
(not Taxonomy-aligned activities)
(not Taxonomy-aligned activities)
(not Taxonomy-aligned activities)
(not Taxonomy-aligned activities)
(not Taxonomy-aligned activities)
energy efficiency equipment
energy efficiency equipment
energy efficiency equipment
energy efficiency equipment
energy efficiency equipment
CCM 7.3
CCM 7.3
0.45
CCM 7.3
0.45
CCM 7.3
CCM 7.3
0.03
0.45
0.03
EL
0.45
0.45
0.03
EL
EL
0.03
0.03
EL
EL
N/EL
EL
EL
EL
N/EL
N/EL
EL
EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
Installation, maintenance and repair of
Installation, maintenance and repair of
Installation, maintenance and repair of
Installation, maintenance and repair of
Installation, maintenance and repair of
Installation, maintenance and repair of
Installation, maintenance and repair of
Installation, maintenance and repair of
Installation, maintenance and repair of
Installation, maintenance and repair of
instruments and devices for measuring,
instruments and devices for measuring,
instruments and devices for measuring,
instruments and devices for measuring,
instruments and devices for measuring,
regulation and controlling energy
regulation and controlling energy
regulation and controlling energy
regulation and controlling energy
regulation and controlling energy
Capex of Taxonomy-eligible but not
Capex of Taxonomy-eligible but not
Capex of Taxonomy-eligible but not
Capex of Taxonomy-eligible but not
Capex of Taxonomy-eligible but not
environmentally sustainable activities
environmentally sustainable activities
environmentally sustainable activities
environmentally sustainable activities
environmentally sustainable activities
performance of buildings
performance of buildings
performance of buildings
performance of buildings
performance of buildings
CCM 7.5
CCM 7.5
1.26
CCM 7.5
1.26
CCM 7.5
CCM 7.5
0.08
1.26
0.08
EL
1.26
1.26
0.08
EL
EL
0.08
0.08
EL
EL
N/EL
EL
EL
EL
N/EL
N/EL
EL
EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
(not Taxonomy-aligned activities) (A.2)
(not Taxonomy-aligned activities) (A.2)
(not Taxonomy-aligned activities) (A.2)
(not Taxonomy-aligned activities) (A.2)
(not Taxonomy-aligned activities) (A.2)
1,018.66
1,018.66
67.83
1,018.66
67.83
66.83%
1,018.66
1,018.66
67.83
66.83%
0.00%
67.83
67.83
66.83%
0.00%
0.00%
66.83%
66.83%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
1.00%
0.00%
0.00%
0.00%
1.00%
0.00%
0.00%
A. Capex of Taxonomy-eligible activities
A. Capex of Taxonomy-eligible activities
A. Capex of Taxonomy-eligible activities
A. Capex of Taxonomy-eligible activities
A. Capex of Taxonomy-eligible activities
(A.1+A.2)
(A.1+A.2)
(A.1+A.2)
(A.1+A.2)
(A.1+A.2)
1,146.79
1,146.79
76.36
1,146.79
76.36
75.36%
1,146.79
1,146.79
76.36
75.36%
0.00%
76.36
76.36
75.36%
0.00%
0.00%
75.36%
75.36%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
1.00%
0.00%
0.00%
0.00%
1.00%
0.00%
0.00%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Capex of Taxonomy-non-eligible activities
Capex of Taxonomy-non-eligible activities
Capex of Taxonomy-non-eligible activities
Capex of Taxonomy-non-eligible activities
Capex of Taxonomy-non-eligible activities
354.91
354.91
23.64
354.91
23.64
354.91
354.91
23.64
23.64
23.64
Total (A + B)
Total (A + B)
Total (A + B)
Total (A + B)
Total (A + B)
1,501.70
1,501.70
100.00
1,501.70
100.00
1,501.70
1,501.70
100.00
100.00
100.00
(1)
(1)
(2)
(1)
(2)
(3)
(1)
(1)
(2)
(3)
(4)
(2)
(2)
(3)
(4)
(5)
(3)
(3)
(4)
(5)
(6)
(4)
(4)
(5)
(6)
(7)
(5)
(5)
(6)
(7)
(8)
(6)
(6)
(7)
(8)
(9)
(7)
(7)
(8)
€ mil.
€ mil.
%
€ mil.
Y; N; N/EL
€ mil.
€ mil.
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
%
%
%
%
(9)
(10)
(8)
(9)
(8)
(10)
(9)
(10)
(9)
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
(10)
(10)
Y; N; N/EL
Y; N; N/EL
(11)
Y/N
(12)
Y/N
(13)
Y/N
(14)
Y/N
(15)
Y/N
(16)
Y/N
(17)
Y/N
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
0.00%
0.00%
0.00%
0.00%
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
Y
Y
Y
Y
Y
Y
Y
Maintenance of roads and motorways
Maintenance of roads and motorways
Maintenance of roads and motorways
Maintenance of roads and motorways
Maintenance of roads and motorways
CE 3.4
CE 3.4
14.97
CE 3.4
14.97
1.00
CE 3.4
CE 3.4
14.97
1.00
N/EL
14.97
14.97
1.00
N/EL
N/EL
1.00
1.00
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
EL
N/EL
EL
N/EL
Air transport ground handling operations
Air transport ground handling operations
Air transport ground handling operations
Air transport ground handling operations
Air transport ground handling operations
CCM 6.20
CCM 6.20
CCM 6.20
38.06
38.06
CCM 6.20
CCM 6.20
2.53
38.06
2.53
38.06
38.06
EL
2.53
EL
N/EL
2.53
2.53
EL
N/EL
N/EL
EL
EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
Construction of new buildings
Construction of new buildings
Construction of new buildings
Construction of new buildings
Construction of new buildings
CCM 7.1
CCM 7.1
928.59
CCM 7.1
928.59
CCM 7.1
CCM 7.1
61.84
928.59
61.84
928.59
928.59
61.84
EL
EL
61.84
61.84
EL
EL
EL
N/EL
EL
EL
EL
N/EL
N/EL
EL
EL
N/EL
N/EL
N/EL
N/EL
EL
N/EL
EL
N/EL
Renovation of existing buildings
Renovation of existing buildings
Renovation of existing buildings
Renovation of existing buildings
Renovation of existing buildings
CCM 7.2
CCM 7.2
35.33
CCM 7.2
35.33
CCM 7.2
CCM 7.2
2.35
35.33
2.35
35.33
35.33
EL
2.35
EL
EL
2.35
2.35
EL
EL
N/EL
EL
EL
EL
N/EL
N/EL
EL
EL
N/EL
N/EL
N/EL
N/EL
EL
N/EL
EL
N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
N/EL
EL; N/EL
EL; N/EL
EL; N/EL
N/EL
EL
N/EL
N/EL
N/EL
N/EL
N/EL
EL
N/EL
N/EL
EL
N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL
EL
N/EL
N/EL
N/EL
N/EL
N/EL
EL
EL
EL
EL
N/EL
N/EL
N/EL
N/EL
EL; N/EL
EL; N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
0.00%
0.00%
0.00%
0.00%
0.00%
1.00%
0.00%
1.00%
1.00%
0.00%
0.00%
1.00%
0.00%
1.00%
1.00%
0.00%
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
Taxonomy
aligned (A,1.)
or eligible
(A.2.) propor-
tion of Capex
2022
(18)
%
0.01
8.90
0.02
0.03
3.38
12.34
0.00
53.78
3.55
0.01
0.03
57.37
69.71
30.29
100.00
Category
enabling
activity
Category
transitional
activity
(19)
E
(20)
T
E
E
E
E
T
T
111
Fraport Annual Report 2023To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther Information
102
102
Group Management Report / Economic Report
Group Management Report / Economic Report
Fraport Annual Report 2023
Fraport Annual Report 2023
Template operating expenses (Opex)
Template operating expenses (Opex)
Economic activities
Economic activities
Code(s)
Code(s)
Absolute
Opex
Proportion
Absolute
Opex
of Opex
2023
Proportion
Climate
of Opex
change
2023
mitigation
Climate
change
mitigation
Climate
change
adaptation
Climate
change
adaptation
Water
Water
Pollution
Substantial contribution criteria
Biodiversity
Substantial contribution criteria
Biodiversity
Circular
Economy
Circular
Economy
Pollution
(1)
(1)
(2)
(2)
(3)
€ mil.
(3)
€ mil.
(4)
%
(4)
(5)
%
Y; N; N/EL
(5)
(6)
Y; N; N/EL
Y; N; N/EL
(6)
(7)
Y; N; N/EL
Y; N; N/EL
(7)
(8)
Y; N; N/EL
Y; N; N/EL
(8)
(9)
Y; N; N/EL
Y; N; N/EL
(9)
(10)
Y; N; N/EL
Y; N; N/EL
(10)
Y; N; N/EL
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities
(Taxonomy-aligned)
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities
(Taxonomy-aligned)
Urban and suburban transport,
Urban and suburban transport,
road passenger transport
road passenger transport
Low carbon airport infrastructure
Low carbon airport infrastructure
Acquisition and ownership of buildings
Acquisition and ownership of buildings
CCM 6.3
CCA 6.3
CCM 6.17
CCM 7.7
CCA 7.7
CCM 6.3
CCA 6.3
CCM 6.17
CCM 7.7
CCA 7.7
9.15
0.33
9.15
0.33
5.13
0.19
5.13
0.19
5.95
5.95
3.34
3.34
Y
Y
Y
Y
Y
N
N/EL
N
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
Y
N
N
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
Opex of environmentally sustainable
activities (Taxonomy-aligned) (A.1)
Opex of environmentally sustainable
activities (Taxonomy-aligned) (A.1)
Of which enabling
Of which transitional
A.2. Taxonomy-Eligible but not
environmentally sustainable activities
(not Taxonomy-aligned activities)
Of which enabling
Of which transitional
A.2. Taxonomy-Eligible but not
environmentally sustainable activities
(not Taxonomy-aligned activities)
15.43
15.43
8.66
8.66
8.66%
8.66%
0.33
9.15
0.33
9.15
0.19
5.13
0.19
5.13
0.19%
5.13%
0.19%
5.13%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
CE 3.4
CCM 6.20
CCM 7.2
CCM 7.3
CE 3.4
CCM 6.20
CCM 7.2
CCM 7.3
Maintenance of roads and motorways
Maintenance of roads and motorways
Air transport ground handling operations
Air transport ground handling operations
Renovation of existing buildings
Renovation of existing buildings
Air transport ground handling operations
Air transport ground handling operations
Installation, maintenance and repair of
Installation, maintenance and repair of
instruments and devices for measuring,
instruments and devices for measuring,
regulation and controlling energy
regulation and controlling energy
performance of buildings
performance of buildings
Acquisition and ownership of buildings
Acquisition and ownership of buildings
CCM 7.5
CCM 7.7
CCM 7.5
CCM 7.7
11.03
9.67
8.22
0.03
11.03
9.67
8.22
0.03
6.19
5.43
4.61
0.02
EL; N/EL
N/EL
EL
EL
EL
6.19
5.43
4.61
0.02
EL; N/EL
N/EL
EL
EL
EL
EL; N/EL
N/EL
N/EL
EL
EL
EL; N/EL
N/EL
N/EL
EL
EL
EL; N/EL
N/EL
N/EL
N/EL
N/EL
EL; N/EL
N/EL
N/EL
N/EL
N/EL
EL; N/EL
N/EL
N/EL
N/EL
N/EL
EL; N/EL
N/EL
N/EL
N/EL
N/EL
EL; N/EL
EL
N/EL
EL
N/EL
EL; N/EL
EL; N/EL
EL
N/EL
N/EL
N/EL
EL
N/EL
N/EL
N/EL
EL; N/EL
N/EL
N/EL
N/EL
N/EL
0.59
33.20
0.59
33.20
0.33
18.63
0.33
18.63
EL
EL
EL
EL
EL
EL
EL
EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
Opex of Taxonomy-eligible but not
environmentally sustainable activities
(not Taxonomy-aligned activities) (A.2)
Opex of Taxonomy-eligible but not
environmentally sustainable activities
(not Taxonomy-aligned activities) (A.2)
A. Opex of Taxonomy-eligible activities
(A.1+A.2)
A. Opex of Taxonomy-eligible activities
(A.1+A.2)
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Opex of Taxonomy-non-eligible activities
Total (A + B)
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Opex of Taxonomy-non-eligible activities
Total (A + B)
62.74
62.74
35.21
35.21
29.02%
29.02%
0%
0%
0%
0%
0%
0%
6.19%
6.19%
0%
0%
78.17
78.17
43.87
43.87
37.68%
37.68%
0%
0%
0%
0%
0%
0%
6.19%
6.19%
0%
0%
100.02
100.02
56.13
56.13
178.19
178.19
100.00
100.00
112
To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther InformationFraport Annual Report 2023
Fraport Annual Report 2023
Group Management Report / Economic Report
Fraport Annual Report 2023
Fraport Annual Report 2023
Group Management Report / Economic Report
103
103
Template operating expenses (Opex)
Template operating expenses (Opex)
Template operating expenses (Opex)
Template operating expenses (Opex)
Template operating expenses (Opex)
Economic activities
Economic activities
Economic activities
Economic activities
Economic activities
Code(s)
Code(s)
Absolute
Code(s)
Absolute
Proportion
Code(s)
Absolute
Proportion
Code(s)
Climate
Absolute
Proportion
Absolute
Climate
Proportion
Climate
Proportion
Climate
Climate
Water
Climate
Climate
Climate
Water
Pollution
Climate
Climate
Water
Pollution
Circular
Opex
Opex
of Opex
Opex
of Opex
change
Opex
of Opex
Opex
change
change
of Opex
of Opex
change
change
change
change
change
change
change
Economy
2023
mitigation
2023
mitigation
adaptation
2023
mitigation
adaptation
2023
2023
mitigation
adaptation
mitigation
adaptation
adaptation
Substantial contribution criteria
Substantial contribution criteria
Substantial contribution criteria
Substantial contribution criteria
Biodiversity
Circular
Pollution
Biodiversity
Biodiversity
Circular
Circular
Economy
Economy
Substantial contribution criteria
Biodiversity
Biodiversity
Economy
Economy
Pollution
Pollution
Circular
Water
Water
Climate
change
mitigation
Climate
change
mitigation
Climate
change
adaptation
Climate
change
adaptation
Pollution
DNSH criteria (Does Not Significantly Harm)
Biodiversity
Circular
Economy
DNSH criteria (Does Not Significantly Harm)
Biodiversity
Pollution
Water
Water
Circular
Economy
Minimum
Safeguards
Minimum
Safeguards
(1)
(1)
(2)
(1)
(2)
(3)
(1)
(2)
(1)
(3)
(4)
(2)
(3)
(2)
(4)
(5)
(3)
(4)
(3)
(5)
(6)
(4)
(5)
(4)
(6)
(7)
(5)
(6)
(5)
(7)
(8)
(6)
(7)
(6)
(8)
(9)
(7)
(8)
(7)
(9)
(10)
€ mil.
€ mil.
%
€ mil.
Y; N; N/EL
€ mil.
Y; N; N/EL
Y; N; N/EL
€ mil.
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
%
%
%
%
(8)
(9)
(10)
(8)
(9)
(10)
(9)
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
(10)
(10)
Y; N; N/EL
Y; N; N/EL
(11)
Y/N
(11)
Y/N
(12)
Y/N
(12)
Y/N
(13)
Y/N
(13)
Y/N
(14)
Y/N
(14)
Y/N
(15)
Y/N
(15)
Y/N
(16)
Y/N
(16)
Y/N
Taxonomy
aligned (A.1.)
or eligible
Taxonomy
(A.2.)
aligned (A.1.)
proportion of
or eligible
Opex 20221)
(A.2.)
(18)
proportion of
Opex 20221)
%
(18)
%
(17)
Y/N
(17)
Y/N
Category
enabling
activity
Category
enabling
activity
Category
transitional
activity
Category
transitional
activity
(19)
E
(19)
E
(20)
T
(20)
T
Fraport Annual Report 2023
Fraport Annual Report 2023
Fraport Annual Report 2023
102
Group Management Report / Economic Report
Group Management Report / Economic Report
Group Management Report / Economic Report
Group Management Report / Economic Report
Group Management Report / Economic Report
102
102
102
102
Fraport Annual Report 2023
Installation, maintenance and repair of
Installation, maintenance and repair of
Installation, maintenance and repair of
Installation, maintenance and repair of
Installation, maintenance and repair of
instruments and devices for measuring,
instruments and devices for measuring,
instruments and devices for measuring,
instruments and devices for measuring,
instruments and devices for measuring,
regulation and controlling energy
regulation and controlling energy
regulation and controlling energy
regulation and controlling energy
regulation and controlling energy
Opex of Taxonomy-eligible but not
Opex of Taxonomy-eligible but not
Opex of Taxonomy-eligible but not
Opex of Taxonomy-eligible but not
Opex of Taxonomy-eligible but not
environmentally sustainable activities
environmentally sustainable activities
environmentally sustainable activities
environmentally sustainable activities
environmentally sustainable activities
A. Opex of Taxonomy-eligible activities
A. Opex of Taxonomy-eligible activities
A. Opex of Taxonomy-eligible activities
A. Opex of Taxonomy-eligible activities
A. Opex of Taxonomy-eligible activities
(not Taxonomy-aligned activities) (A.2)
(not Taxonomy-aligned activities) (A.2)
(not Taxonomy-aligned activities) (A.2)
(not Taxonomy-aligned activities) (A.2)
(not Taxonomy-aligned activities) (A.2)
62.74
62.74
35.21
62.74
35.21
29.02%
62.74
35.21
62.74
29.02%
0%
35.21
29.02%
35.21
0%
29.02%
0%
29.02%
0%
0%
0%
0%
0%
0%
0%
6.19%
0%
0%
0%
6.19%
0%
0%
6.19%
(A.1+A.2)
(A.1+A.2)
(A.1+A.2)
(A.1+A.2)
(A.1+A.2)
78.17
78.17
43.87
78.17
43.87
37.68%
78.17
43.87
78.17
37.68%
0%
43.87
37.68%
43.87
0%
37.68%
0%
37.68%
0%
0%
0%
0%
0%
0%
0%
6.19%
0%
0%
0%
6.19%
0%
0%
6.19%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Opex of Taxonomy-non-eligible activities
Opex of Taxonomy-non-eligible activities
Opex of Taxonomy-non-eligible activities
Opex of Taxonomy-non-eligible activities
Opex of Taxonomy-non-eligible activities
100.02
100.02
56.13
100.02
56.13
100.02
100.02
56.13
56.13
56.13
Total (A + B)
Total (A + B)
Total (A + B)
Total (A + B)
Total (A + B)
178.19
178.19
100.00
178.19
100.00
178.19
100.00
178.19
100.00
100.00
A. TAXONOMY-ELIGIBLE ACTIVITIES
A. TAXONOMY-ELIGIBLE ACTIVITIES
A. TAXONOMY-ELIGIBLE ACTIVITIES
A. TAXONOMY-ELIGIBLE ACTIVITIES
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities
A.1. Environmentally sustainable activities
A.1. Environmentally sustainable activities
A.1. Environmentally sustainable activities
A.1. Environmentally sustainable activities
(Taxonomy-aligned)
(Taxonomy-aligned)
(Taxonomy-aligned)
(Taxonomy-aligned)
(Taxonomy-aligned)
Urban and suburban transport,
Urban and suburban transport,
Urban and suburban transport,
Urban and suburban transport,
Urban and suburban transport,
CCM 6.3
CCM 6.3
CCM 6.3
CCM 6.3
CCM 6.3
road passenger transport
road passenger transport
road passenger transport
road passenger transport
road passenger transport
CCA 6.3
CCA 6.3
9.15
CCA 6.3
9.15
CCA 6.3
5.13
CCA 6.3
9.15
5.13
9.15
Y
5.13
9.15
Y
N
5.13
5.13
Y
N
N/EL
Y
N
N/EL
Y
N/EL
N
N/EL
N
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
Low carbon airport infrastructure
Low carbon airport infrastructure
Low carbon airport infrastructure
Low carbon airport infrastructure
Low carbon airport infrastructure
CCM 6.17
CCM 6.17
0.33
CCM 6.17
0.33
CCM 6.17
CCM 6.17
0.19
0.33
0.19
0.33
Y
0.19
0.33
Y
N/EL
0.19
0.19
N/EL
Y
N/EL
Y
N/EL
N/EL
Y
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
CCM 7.7
CCM 7.7
CCM 7.7
CCM 7.7
CCM 7.7
Acquisition and ownership of buildings
Acquisition and ownership of buildings
Acquisition and ownership of buildings
Acquisition and ownership of buildings
Acquisition and ownership of buildings
CCA 7.7
CCA 7.7
CCA 7.7
5.95
5.95
CCA 7.7
3.34
CCA 7.7
5.95
3.34
5.95
Y
3.34
5.95
Y
N
3.34
3.34
Y
N
N/EL
Y
N
N/EL
Y
N/EL
N
N/EL
N
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
Opex of environmentally sustainable
Opex of environmentally sustainable
Opex of environmentally sustainable
Opex of environmentally sustainable
Opex of environmentally sustainable
activities (Taxonomy-aligned) (A.1)
activities (Taxonomy-aligned) (A.1)
activities (Taxonomy-aligned) (A.1)
activities (Taxonomy-aligned) (A.1)
activities (Taxonomy-aligned) (A.1)
15.43
15.43
8.66
15.43
8.66
8.66%
15.43
15.43
8.66
8.66%
0%
8.66
8.66%
8.66
0%
8.66%
0%
8.66%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
Of which enabling
Of which enabling
Of which enabling
Of which enabling
Of which enabling
0.33
0.19
0.33
0.19
0.19%
0.33
0.19
0.33
0.19%
0%
0.19
0.19%
0.19
0%
0.19%
0%
0.19%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
Of which transitional
Of which transitional
Of which transitional
Of which transitional
Of which transitional
9.15
5.13
9.15
5.13
5.13%
9.15
5.13
9.15
5.13%
5.13
5.13%
5.13
5.13%
5.13%
0.33
9.15
A.2. Taxonomy-Eligible but not
A.2. Taxonomy-Eligible but not
A.2. Taxonomy-Eligible but not
A.2. Taxonomy-Eligible but not
A.2. Taxonomy-Eligible but not
environmentally sustainable activities
environmentally sustainable activities
environmentally sustainable activities
environmentally sustainable activities
environmentally sustainable activities
(not Taxonomy-aligned activities)
(not Taxonomy-aligned activities)
(not Taxonomy-aligned activities)
(not Taxonomy-aligned activities)
(not Taxonomy-aligned activities)
Maintenance of roads and motorways
Maintenance of roads and motorways
Maintenance of roads and motorways
Maintenance of roads and motorways
Maintenance of roads and motorways
CE 3.4
CE 3.4
11.03
CE 3.4
11.03
6.19
CE 3.4
11.03
CE 3.4
6.19
N/EL
11.03
11.03
6.19
N/EL
N/EL
6.19
N/EL
6.19
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
EL
N/EL
N/EL
N/EL
EL
N/EL
N/EL
Air transport ground handling operations
Air transport ground handling operations
Air transport ground handling operations
Air transport ground handling operations
Air transport ground handling operations
CCM 6.20
CCM 6.20
CCM 6.20
9.67
9.67
CCM 6.20
CCM 6.20
5.43
9.67
5.43
EL
9.67
5.43
9.67
EL
N/EL
5.43
5.43
EL
N/EL
N/EL
EL
N/EL
EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
Renovation of existing buildings
Renovation of existing buildings
Renovation of existing buildings
Renovation of existing buildings
Renovation of existing buildings
CCM 7.2
CCM 7.2
8.22
CCM 7.2
8.22
CCM 7.2
4.61
CCM 7.2
8.22
4.61
EL
8.22
4.61
8.22
EL
EL
4.61
4.61
EL
EL
N/EL
EL
EL
EL
N/EL
N/EL
EL
N/EL
EL
N/EL
EL
N/EL
N/EL
N/EL
EL
N/EL
N/EL
Air transport ground handling operations
Air transport ground handling operations
Air transport ground handling operations
Air transport ground handling operations
Air transport ground handling operations
CCM 7.3
CCM 7.3
CCM 7.3
0.03
0.03
CCM 7.3
0.02
CCM 7.3
0.03
0.02
EL
0.03
0.02
0.03
EL
EL
0.02
0.02
EL
EL
N/EL
EL
EL
EL
N/EL
N/EL
EL
N/EL
EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL
EL; N/EL
EL; N/EL
EL; N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
EL; N/EL
EL; N/EL
EL; N/EL
N/EL
EL
EL
N/EL
N/EL
N/EL
N/EL
EL
EL
N/EL
N/EL
N/EL
N/EL
N/EL
EL
EL; N/EL
N/EL
N/EL
N/EL
N/EL
EL; N/EL
N/EL
N/EL
N/EL
N/EL
performance of buildings
performance of buildings
performance of buildings
performance of buildings
performance of buildings
CCM 7.5
CCM 7.5
0.59
CCM 7.5
0.59
CCM 7.5
0.33
CCM 7.5
0.59
0.33
EL
0.59
0.33
0.59
EL
EL
0.33
0.33
EL
EL
N/EL
EL
EL
EL
N/EL
N/EL
EL
N/EL
EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
Acquisition and ownership of buildings
Acquisition and ownership of buildings
Acquisition and ownership of buildings
Acquisition and ownership of buildings
Acquisition and ownership of buildings
CCM 7.7
CCM 7.7
CCM 7.7
33.20
33.20
18.63
CCM 7.7
CCM 7.7
33.20
18.63
33.20
EL
18.63
33.20
EL
18.63
EL
18.63
EL
EL
N/EL
EL
EL
EL
N/EL
N/EL
EL
N/EL
EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
0%
0%
0%
0%
6.19%
0%
6.19%
0%
6.19%
6.19%
0%
0%
0%
0%
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
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
5.10
5.10
5.10
5.10
E
E
E
E
T
T
T
T
20.46
20.46
20.46
25.56
20.46
74.44
25.56
100.00
74.44
100.00
1) The denominator of the previous year was adjusted as an additional account was added to the calculation method. The previous year's shares
have therefore decreased.
1) The denominator of the previous year was adjusted as an additional account was added to the calculation method. The previous year's shares
have therefore decreased.
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Group Management Report / Economic Report
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Proportion of turnover / Total turnover
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water (WTR)
Circular Economy (CE)
Pollution (PPC)
Biodiversity (BIO)
Proportion of capital expenditures / Total capital expenditures
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water (WTR)
Circular Economy (CE)
Pollution (PPC)
Biodiversity (BIO)
Proportion of operating expenses / Total operating expenses
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water (WTR)
Circular Economy (CE)
Pollution (PPC)
Biodiversity (BIO)
Taxonomy-aligned per
objective
Taxonomy-eligible per
objective
2.38%
0.00%
0.00%
0.00%
0.00%
0.00%
37.44%
0.00%
0.00%
0.00%
0.00%
0.00%
Taxonomy-aligned per
objective
Taxonomy-eligible per
objective
8.53%
0.00%
0.00%
0.00%
0.00%
0.00%
75.36%
72.72%
0.00%
65.19%
0.00%
0.00%
Taxonomy-aligned per
objective
Taxonomy-eligible per
objective
8.66%
0.00%
0.00%
0.00%
0.00%
0.00%
37.68%
32.06%
0.00%
10.80%
0.00%
0.00%
114
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Group Management Report / Economic Report
105
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 most important financial perfor-
mance indicators used for managing Fraport AG and other important financial and non-financial key figures are described in the
“Control System” section. The development of the non-financial key figures is reported in the “Control System”, “Employees”,
“Non-financial performance indicators”, and “Combined Non-Financial Statement” sections.
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 non-current assets and
provisions.
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 €536.9 million to €2,313.1 million. The increase mainly
results from higher revenue from airport charges (+€196.0 million) as well as higher revenue from infrastructure charges
(+€76.4 million) and ground services (+€57.6 million) based on traffic volumes and prices. Retail and parking revenue also
increased by €51.8 million based on traffic volume. Due to the take-over of the management of aviation security checks at the
Frankfurt site at the beginning of the fiscal year, revenue from aviation security charges of €220.8 million was achieved for the
first time in the reporting period. With the take-over of the management of the aviation security checks, its operational execution
it is no longer carried out by Fraport AG but by security firms engaged by Fraport AG. Based on this, revenue from security
services achieved until that time is no longer generated (previous year: €69.4 million).
As in previous years, Fraport AG earned a major portion of its revenue (more than one third) in the past fiscal year with one
customer at the Frankfurt site.
Other operating income of €57.2 million is almost unchanged compared to the previous year (€58.7 million) In the current fiscal
year, this includes in particular income from foreign currency translations (€35.8 million). In the previous year, this related in
particular to income from the release of provisions (€33.5 million).
Total revenue rose by €543.9 million to €2,407.6 million (+29.2%).
Personnel expenses increased in the 2023 fiscal year by €16.2 million to €589.5 million. The increase resulted mainly from the
collective bargaining agreements concluded in the current fiscal year. The lower number of employees compared to the previous
year had an opposing effect.
Non-staff costs (cost of materials and other operating expenses) increased by €268.7 million to €1,168.7 million. The increase
is due in particular to increased expenses for external services, primarily in connection with taking over the management of aviation
security checks (+€188.3 million). In addition, the purchase of external services increased by €83.9 million in the fiscal year mainly
due to traffic and prices.
At €649.4 million in the fiscal year, the EBITDA of Fraport AG was €259.0 million above the level in the same period of the previous
year. After depreciation and amortization of €333.4 million, EBIT amounted to €316.0 million (previous year: €82.0 million).
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Group Management Report / Economic Report
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The financial result amounted to €92.4 million (previous year: –€165.6 million). The change to the previous year of
+€258.0 million was mainly due to the previous year’s 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. Furthermore,
€110.4 million higher income from investments was achieved in the current fiscal year.
EBT was €408.4 million (previous year: –€83.6 million). Taxes on income amounted to €79.3 million (previous year: €4.8 million).
This resulted in a net income of €329.1 million (previous year: net loss of €88.4 million).
After transferring €164.5 million to other revenue reserves, profit earmarked for distribution amounts to €164.6 million. The Exec-
utive Board and Supervisory Board will propose to the 2024 Annual General Meeting to transfer the profit earmarked for distribu-
tion to other revenue reserves.
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, 2023
December 31, 2022
11,280.6
2,400.7
44.3
303.1
4.6
10,754.1
2,090.9
38.9
341.9
0.0
14,033.3
13,225.8
December 31, 2023
December 31, 2022
3,205.1
7.4
486.6
10,280.9
31.9
21.4
2,876.0
7.8
507.7
9,786.2
33.8
14.3
Total
14,033.3
13,225.8
Asset and capital structure
At the end of the 2023 fiscal year, the total assets of Fraport AG amounted to €14,033.3 million, up €807.5 million year-on-year
(+6.1%).
Non-current assets rose by €526.6 million to €11,280.6 million. This is mainly due to the increase in property, plant, and equip-
ment of €586.4 million – particularly in connection with construction measures as part of the Expansion South project at the
Frankfurt site.
At €2,400.7 million, current assets were €309.8 million higher than in the previous year, mainly due to the increase in short-term
securities (+€243.9 million).
Shareholders’ equity as at December 31, 2023 amounted to €3,205.1 million, and rose by €329.1 million as a result of the net
income in the current fiscal year.
Liabilities increased compared to the previous year by €494.7 million to €10,280.9 million, mainly due to the financing measures
undertaken during the fiscal year to secure liquidity.
Liquidity as at December 31, 2023, was €3,285.6 million, up from €2,980.9 million in the previous year. Gross debt increased in
the reporting year to €9,711.3 million (previous year: €9,114.7 million). This led to a considerable increase of €291.9 million in
net financial debt to €6,425.7 million (previous year: €6,133.8 million).
116
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Group Management Report / Economic Report
Group Management Report / Economic Report
Group Management Report / Economic Report
107
107
107
As at the 2023 balance sheet date, the financial debt maturity profile of Fraport AG exhibited the following repayment structure:
As at the 2023 balance sheet date, the financial debt maturity profile of Fraport AG exhibited the following repayment structure:
As at the 2023 balance sheet date, the financial debt maturity profile of Fraport AG exhibited the following repayment structure:
Maturity profile as at December 31, 2023
Maturity profile as at December 31, 2023
Maturity profile as at December 31, 2023
in € million
in € million
in € million
3,749.7
3,749.7
3,749.7
9,698.3
9,698.3
9,698.3
1,408.9
1,408.9
1,408.9
1,004.6
1,004.6
1,004.6
1,136.6
1,136.6
1,136.6
1,130.6
1,130.6
1,130.6
1,303.1
1,303.1
1,303.1
1,266.5
1,266.5
1,266.5
878.0
878.0
878.0
750.0
750.0
750.0
470.0
470.0
470.0
242.0
242.0
242.0
40.0
40.0
40.0
489,2
489,2
489,2
3.749,7
3.749,7
3.749,7
Liquidity
Liquidity
Liquidity
Gross
debt
Gross
debt
Gross
debt
2024
2024
2024
2025
2025
2025
2026
2026
2026
2027
2027
2027
2028
2028
2028
2029
2029
2029
2030
2030
2030
2031
2031
2031
2032
2032
2032
2033
2033
2033
2034 ++
2034 ++
2034 ++
Carrying amounts
Carrying amounts
Carrying amounts
Nominal values
Nominal values
Nominal values
Credit Lines
Credit Lines
Credit Lines
As at the 2023 balance sheet date, there was a mix of financing consisting of bilateral loans (52.7%), promissory note loans
(25.5%), and bonds (21.8%). The floating rate portion of the gross debt of Fraport AG increased to nearly 7%, with the fixed
portion coming to around 93%.
As at the 2023 balance sheet date, there was a mix of financing consisting of bilateral loans (52.7%), promissory note loans
(25.5%), and bonds (21.8%). The floating rate portion of the gross debt of Fraport AG increased to nearly 7%, with the fixed
portion coming to around 93%.
As at the 2023 balance sheet date, there was a mix of financing consisting of bilateral loans (52.7%), promissory note loans
(25.5%), and bonds (21.8%). The floating rate portion of the gross debt of Fraport AG increased to nearly 7%, with the fixed
portion coming to around 93%.
Statement of cash flows
Statement of cash flows
Statement of cash flows
Statement of cash flows
Statement of cash flows
Statement of cash flows
€ million
€ million
€ million
2023
2023
2023
2022
2022
2022
Change
Change
Change
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 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 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 flow from/used in financing activities
Cash flow from/used in financing activities
Cash and cash equivalents as at December 31
Cash and cash equivalents as at December 31
Cash and cash equivalents as at December 31
328,6
502,8
328,6
502,8
328,6
502,8
1,050.6
471.2
1,050.6
471.2
1,050.6
471.2
–722,0
–722,0
–722,0
31,6
31,6
31,6
–886,0
–1.092,8
–886,0
–1.092,8
–886,0
–1.092,8
–756.2
–1,634.6
–756.2
–1,634.6
–756.2
–1,634.6
382,0
120,6
382,0
120,6
382,0
120,6
441.4
328.6
441.4
328.6
441.4
328.6
–129,8
541,8
–129,8
541,8
–129,8
541,8
–59,4
–208,0
–59,4
–208,0
–59,4
–208,0
Change in %
Change in %
Change in %
–68,7
+6,7
–68,7
+6,7
–68,7
+6,7
–17,2
+33,1
–17,2
+33,1
–17,2
+33,1
–13,5
–63,3
–13,5
–63,3
–13,5
–63,3
In the fiscal year, a cash flow from operating activities (operating cash flow) of €502.8 million (2022: €471.2 million) was
generated. The increase resulted in particular from the traffic-related improvement in the operating result.
In the fiscal year, a cash flow from operating activities (operating cash flow) of €502.8 million (2022: €471.2 million) was
generated. The increase resulted in particular from the traffic-related improvement in the operating result.
In the fiscal year, a cash flow from operating activities (operating cash flow) of €502.8 million (2022: €471.2 million) was
generated. The increase resulted in particular from the traffic-related improvement in the operating result.
At €886.0 million, cash flow used in investing activities excluding investments in cash deposits and securities was above
the previous year’s level (€756.2 million), due to higher cash flow used in expansion measures.
At €886.0 million, cash flow used in investing activities excluding investments in cash deposits and securities was above
the previous year’s level (€756.2 million), due to higher cash flow used in expansion measures.
At €886.0 million, cash flow used in investing activities excluding investments in cash deposits and securities was above
the previous year’s level (€756.2 million), due to higher cash flow used in expansion measures.
Considering investments 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 €1,092.8 million (2022: €1,634.6 million).
Considering investments 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 €1,092.8 million (2022: €1,634.6 million).
Considering investments 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 €1,092.8 million (2022: €1,634.6 million).
Compared to the previous year, cash flow from financing activities decreased by €59.4 million to €382.0 million.
Compared to the previous year, cash flow from financing activities decreased by €59.4 million to €382.0 million.
Compared to the previous year, cash flow from financing activities decreased by €59.4 million to €382.0 million.
This brought cash and cash equivalents to €120.6 million as at the 2023 fiscal year-end.
This brought cash and cash equivalents to €120.6 million as at the 2023 fiscal year-end.
This brought cash and cash equivalents to €120.6 million as at the 2023 fiscal year-end.
Events after the Balance Sheet Date
Events after the Balance Sheet Date
Events after the Balance Sheet Date
At the end of January 2024, Fraport Greece reached an agreement with the Greek government on compensation for the negative
economic effects of the coronavirus pandemic in the second half of the 2021 fiscal year. The agreement will have a positive effect
on Group EBITDA 2024 of around €28 million.
At the end of January 2024, Fraport Greece reached an agreement with the Greek government on compensation for the negative
economic effects of the coronavirus pandemic in the second half of the 2021 fiscal year. The agreement will have a positive effect
on Group EBITDA 2024 of around €28 million.
At the end of January 2024, Fraport Greece reached an agreement with the Greek government on compensation for the negative
economic effects of the coronavirus pandemic in the second half of the 2021 fiscal year. The agreement will have a positive effect
on Group EBITDA 2024 of around €28 million.
No further substantial events occurred after the balance sheet date for the Fraport Group.
No further substantial events occurred after the balance sheet date for the Fraport Group.
No further substantial events occurred after the balance sheet date for the Fraport Group.
117
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108
Combined Management Report / Risk and Opportunities Report
Fraport Annual Report 2023
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
Fraport AG Departments / Group companies
I
n
t
e
r
n
a
l
A
u
d
i
t
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. The Risk Management, Processes, Systems department
is also responsible for performing the risk analysis in accordance with the German Act on Corporate Due Diligence Obligations in
Supply Chains (LkSG).
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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109
Deloitte GmbH Wirtschaftsprüfungsgesellschaft (Deloitte) 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.
Deloitte GmbH Wirtschaftsprüfungsgesellschaft (Deloitte) 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
The Supervisory Board of Fraport AG is tasked with monitoring the effectiveness of the internal control and risk management
legal requirements that apply to such a system.
system as per Section 107 (3) AktG. The finance and audit committee (FAC) of the Supervisory Board handles this responsibility.
The Supervisory Board of Fraport AG is tasked with monitoring the effectiveness of the internal control and risk management
Risk transfer through the purchase of insurance policies is controlled by the Group company Airport Assekuranz Vermittlungs-
system as per Section 107 (3) AktG. The finance and audit committee (FAC) of the Supervisory Board handles this responsibility.
GmbH.
Risk transfer through the purchase of insurance policies is controlled by the Group company Airport Assekuranz Vermittlungs-
The risk management system is documented in a guidelines for Fraport AG and for the respective Group companies and is closely
GmbH.
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,
The risk management system is documented in a guidelines for Fraport AG and for the respective Group companies and is closely
finance, and compliance. The risk management system only covers risks.
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,
Risk management process
finance, and compliance. The risk management system only covers risks.
Risk management process
Risk management process
Risc policy
principles and strategies
Organization of risk management
Risk identification
•
•
Definition of risk areas
Risk inventory: bottom-up and
top-down process
Risk reporting
•
Reporting of relevant risks to the
Executive Board
Risk reporting to
Supervisory Board /Finance
and audit commitee
Management report to capital market
Risk monitoring
•
Definition of total risk
position (Risk Map)
Monitoring by RMC and
RMC office
•
•
•
Risk evalution
•
Evalution by impact level and
probability of occurrence
(risk portfolio)
Evalution of scenarios
Priorization of risks
Risks aggregation
•
•
•
Risk control
•
Preventative and reactive
measures
• Cost / benefit analysis
•
Controlling of measures
Documentation, risk management software
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Risk Identification
Fraport defines risks as future developments or events that could have a negative impact on the achievement of operational
planning, as well as strategic and sustainability-related targets. Non-financial risks may have a negative impact on the achieve-
ment of the environmental, sustainable, and social targets of Fraport. In addition, in accordance with the German Act on Corporate
Due Diligence Obligations in Supply Chains (LkSG), human rights-related and environmental risks are defined as events that
could potentially violate the due diligence obligations laid down in the Fraport policy statement in the company’s own business
and at direct suppliers. 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, RMC, and Executive Board. The risk identification methods used are for
example market and competition analysis, evaluation of customer surveys, information about suppliers and institutions or moni-
toring risk indicators from the regulatory, economic, and political environment. The heads of the Fraport AG units and the execu-
tives 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.
In order to fulfill the requirements of the German Act on Corporate Due Diligence Obligations in Supply Chains, a risk analysis is
performed annually to identify human rights-related and environmental risks in the company’s own business and at direct suppli-
ers, as well as on an ad-hoc basis if substantial changes or increases in the risk situation of the supply chain are to be expected.
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 additionally deter-
mine the risks, are also included in the analysis. The probability of occurrence for individual risks is also divided into four catego-
ries: “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
aggregation 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. The requirements of Article 1 of the German Act on
the Stabilization and Restructuring Framework for Businesses (StaRUG) are taken into account accordingly.
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111
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.
This process ensures the early detection of trends that could jeopardize the Fraport Group as a going concern.
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An integral component of Fraport’s risk management system 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.
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, as at the valuation date
of December 31, 2023. The evaluation is generally based on the rolling 24-month period from the valuation date. Potential infra-
structural risks are also considered and assessed in accordance with their longer-term impact. Unless specified otherwise, 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 com-
prehensive 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 risk evaluation is performed solely to assess risks without
taking into account any potential opportunities. There is no offsetting of opportunities and risks.
The following table describes the substantial and other selected individual risks and opportunities:
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113
Business risks and opportunities
Strategic risks and opportunities
Macroeconomic risks and opportunities
Risks
• Overall, global economic development may cool down more than expected and
•
•
•
•
have a negative influence on passenger and air freight demand.
Continuing high inflation rates may reduce the disposable income of private
households. The reduced purchasing power, together with uncertainties about
the future development of inflation rates, may have a negative impact on flight
bookings.
Sustained high interest rates intended 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 traffic development.
As a result of sustained high energy prices, the competitiveness of German in-
dustry may suffer and Germany’s position as an attractive hub for air traffic could
be weakened.
In world trade, the trend toward greater national protectionism may adversely
impact the export-oriented German economy.
• Growth may be dampened by the weakening of the EU as a result of diverging
•
interests among the Member States and the actions they take.
Current and simmering geopolitical hotspots may put a strain on economic
development. In particular, there is a risk of an escalating conflict between
China and Taiwan.
Measures
•
Strong geographic diversification
and focus on various passenger
groups at the Group airports
to reduce individual macroeco-
nomic risks.
• Geopolitical risks, restrictive
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.
Trend ↑
Risk
assessment:
substantial
%
0
5
–
0
2
>
> 40 mn €
Increase in the
risk evaluation
compared to the
previous year
due to the esca-
lation in geopo-
litical conflicts
with potential
consequences
for the business
activities of the
Fraport Group
depending on
how these con-
flicts develop.
Opportunities
•
A clear decline in inflation and the recovery of the economy lead to growth of disposable income and a robust recovery in demand.
Business travel and air freight may benefit from the upswing in the economy and, in particular, exports.
A quicker end to the wars in Ukraine and the Middle East, with a sustained relaxation of geopolitical tensions, may stimulate the global
economy and support air freight development.
The rapid finalization of trade agreements with countries with high air freight potential may boost air freight development in Frankfurt.
The further expansion of the e-commerce business may strengthen Frankfurt’s position as an air freight hub.
•
•
•
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 net-work, as well as the connectiv-
ity between demand markets.
Trend →
Risk
assessment:
substantial
%
%
0
0
5
5
–
–
0
0
2
2
>
>
> 40 mn €
~300Mio €
Risks
• Wars and geopolitical crises could result in rising energy costs and a sustained
reduction in supply and demand, among other things.
Measures
•
•
>40Mio €
• Rising crude oil and thus also kerosene prices could result in higher airfares and
an associated dip in air travel demand. If competition is intense, rising crude oil
prices could pose financial difficulties for less solvent airlines, with a resulting
drop in supply.
• Further increases in air traffic control and aviation security charges and higher
%
%
0
0
5
5
–
–
civil aviation tax increase the location risk and result in competitive disadvantages
0
0
2
2
and financial losses. Supply is reduced or not created in Germany in the first
>
>
place, and may be relocated to other hubs abroad.
• The measures planned/implemented in other European countries to reduce
short-haul flights may mean a switch to alternative means of transport (rail and
car) if implemented in Germany, reducing the demand for air travel. 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.
• Broad debates about climate protection could produce a long-term shift in travel
~400 Mio €
behavior and lead to a reduction in air travel.
• Stricter travel guidelines and the consolidation of business travel may also result
in a decline in air travel demand.
• Political and regulatory decisions at the regional, national and European levels
will continue to affect the aviation sector. Climate protection and noise reduction
requirements and associated taxes and charges could drive up the cost of air
travel, and typically involve unilateral action on the market and on competition in
international air traffic. Stronger targets under the European Union’s Green Deal
(Fit for 55) and the associated review of the Emission Trading Directive, as well
as the definition of binding SAF quotas, will place an increased burden on Euro-
pean sites compared to other sites. If the measures are not designed to be neu-
tral in a competition context, there is a risk of structural competitive disad-
vantages for German and European air traffic.
>40Mio €
>20–40 Mio €
•
•
•
•
•
•
%
0
5
–
0
2
>
%
0
2
≤
%
0
2
≤
%
0
5
–
0
2
>
%
0
5
–
0
2
>
>40Mio €
Continuous market monitoring
and analysis of early warning
indicators to identify and
address potential changes and
trends in travel and cargo flows
in a timely manner
Targeted sales activities to
increase air freight supply and
demand
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
Dialog with politicians on the
consequences for the air traffic
hub
Implementation of climate
protection measures and
sustainability program
>40Mio €
%
0
2
≤
>6–20Mio €
>6– 20Mio €
123
%
0
2
≤
%
0
2
≤
≤6Mio €
>6–20Mio €
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•
Active participation in industry-
related associations
• Decisions on fleet locations, modified routes and fleet developments, as well as
changing customer preferences for source and destination markets when choos-
ing airlines and airports could have a detrimental effect on Fraport.
• Supply bottlenecks and quality defects reduce the global fleet capacity and may
result in a drop in supply.
• 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.
• The increased use of digital communication media in the wake of the coronavirus
pandemic may lead to a stronger than expected decline in demand for business
travel.
• Demographic changes as well as the reorientation of the workforce during the
pandemic caused a considerable labor shortage in the aviation sector.
The situation may 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 hotspots of unrest could adversely affect demand for specific
travel destinations.
•
Opportunities
•
Now that the coronavirus pandemic is over, there is continued high demand among consumers for tourist air travel. Recovery in the
business travel segment could also be stronger than expected.
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 may benefit.
The larger ranges of smaller aircraft provide an opportunity for new decentralized intercontinental routes from Frankfurt.
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. This may enable Fraport to benefit more than expected from long-term growth in the air traffic market.
A liberalization of air traffic rights may open up new markets for air traffic and expand existing markets.
International harmonization of regulatory measures that distorted competition in the past may make global competition fairer and reduce
the risk of business moving elsewhere. There is a chance that airlines will further expand their intercontinental fleet in Frankfurt due to the
excellent 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.
•
•
•
•
•
•
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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, limited material availability, and high cost increases can partly be countered with a forward-looking procurement strat-
egy. Nevertheless, the following risks exist:
Risks
Risks could arise from the following developments in particular:
•
•
•
Trend →
Risk
assessment:
substantial
• Monitoring measures to enable
timely countermeasures
Measures
• Active market development and
consistent change management
to counter increases in costs
Increase in construction costs
Supplier bankruptcies
A decline in new construction activity due to the change in interest rate levels
coupled with sustained high material and labor costs increases the risk of the
%
parties involved in construction projects on site becoming insolvent
0
5
Scheduling delays
–
0
External influences from the public, the environment, politics, technological
2
>
changes, engineering practices, alternative engineering methods within the
scope of building permits, or other requirements
A lack of skilled workers and limited resources result in weaker negotiating
positions
Changes in requirements related to new market conditions after the end of the
coronavirus pandemic
~400Mio €
%
0
5
–
0
2
>
•
•
•
•
%
0
5
–
0
2
>
%
%
0
0
5
5
–
–
0
0
2
2
>
>
>40Mio €
>40Mio €
about 400 mn €
~300Mio €
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
•
Capacity expansion to ensure the ability to cope with the expected long-term growth of the air traffic market
%
0
2
≤
%
0
5
–
0
2
>
Drainage for the parallel runway system
>40Mio €
>20–40 Mio €
>40Mio €
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
•
%
0
2
≤
%
%
0
5
0
–
5
0
–
2
0
>
2
>
%
0
2
≤
%
0
2
≤
Continuous groundwater moni-
toring and regular measure-
ments to verify compliance with
limit values
Regular review of the composi-
tion of the de-icing agents used
as well as the operational pro-
cesses
%
0
5
–
0
2
>
Trend →
Risk
assessment:
substantial
%
%
0
0
5
5
–
–
0
0
2
2
>
>
•
%
0
2
≤
%
0
5
–
0
2
>
>6–20Mio €
~400 Mio €
>6– 20Mio €
>40Mio €
>40Mio €
about 300 mn €
~300Mio €
%
0
2
≤
%
0
5
–
0
2
>
%
0
2
≤
>6–20Mio €
>20–40 Mio €
>40Mio €
≤ 6Mio €
>40Mio €
Risks and opportunities from investments and projects (Segment International Activities and Services)
%
0
5
–
0
2
>
Risks
The following factors could cause a downward trend in foreign airport operator pro-
jects:
Measures
•
%
0
2
≤
• 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 signifi-
cant impairment of the future earnings outlook or increase expenses up to a total
loss of the investment
>6–20Mio €
• 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
%
0
2
≤
%
0
2
≤
≤6Mio €
>6–20Mio €
Collaboration with experienced
local partners
•
Non- or limited-recourse project
>6–20Mio €
financing
•
Investment protection insurance
• Monitoring measures to enable
timely countermeasures
Trend →
Risk
assessment:
substantial
%
0
5
–
0
2
>
> 40 mn €
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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, limited material availability, and high cost increases can partly be countered with a forward-looking procurement strat-
Measures
• Monitoring measures to enable
timely countermeasures
• Active market development and
consistent change management
to counter increases in costs
Trend →
Risk
assessment:
substantial
%
0
5
–
0
2
>
about 400 mn €
egy. Nevertheless, the following risks exist:
Risks
Risks could arise from the following developments in particular:
Increase in construction costs
Supplier bankruptcies
A decline in new construction activity due to the change in interest rate levels
coupled with sustained high material and labor costs increases the risk of the
parties involved in construction projects on site becoming insolvent
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
A lack of skilled workers and limited resources result in weaker negotiating
Changes in requirements related to new market conditions after the end of the
positions
coronavirus pandemic
Opportunities
•
•
•
•
•
•
•
•
Drainage for the parallel runway system
Risk
•
law order.
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
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
Capacity expansion to ensure the ability to cope with the expected long-term growth of the air traffic market
Measures
•
•
Continuous groundwater moni-
toring and regular measure-
ments to verify compliance with
limit values
Regular review of the composi-
tion of the de-icing agents used
as well as the operational pro-
cesses
Trend →
Risk
assessment:
substantial
%
0
5
–
0
2
>
about 300 mn €
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 pro-
jects:
• 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 signifi-
cant impairment of the future earnings outlook or increase expenses up to a total
loss of the investment
%
0
Combined Management Report / Risk and Opportunities Report
5
–
0
2
>
• Economic sanctions in response to political conflicts with financial implications for
%
0
5
–
0
2
>
investments
116
Measures
•
•
Collaboration with experienced
local partners
Non- or limited-recourse project
financing
•
Investment protection insurance
%
• Monitoring measures to enable
0
5
timely countermeasures
–
0
2
>
%
%
0
0
5
5
–
–
0
2
0
2
>
>
Trend →
Risk
assessment:
substantial
Fraport Annual Report 2023
>40Mio €
> 40 mn €
~300Mio €
• Political instability in the respective concession countries
• Exceeding construction budgets for airport expansion programs and/or failure to
~400 Mio €
>40Mio €
meet completion dates under the corresponding concession agreements
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
•
%
0
2
≤
%
0
2
≤
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 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. Project financing for the ongoing infrastructure and expan-
sion measures was concluded in December 2022. Potential risks remain due to the size, complexity, and duration of the expansion project.
However, as in the previous year, these are assessed as “moderate” as at the balance sheet date.
>20–40 Mio €
>40Mio €
>40Mio €
%
0
5
–
0
2
>
At Antalya Airport, interim financing has been secured until March 2024 for the expansion project being carried out by Fraport TAV Antalya
Yatirim, Yapim ve İşletme A.Ş. (FTA 2 ). FTA 2 has initiated discussions on the conclusion of follow-up financing and on increasing the financ-
ing volume, and these are now at an advanced stage. The probability of occurrence of a failure to secure follow-up financing at the planned
level is assessed to be low.
%
0
2
≤
%
0
5
–
0
2
>
Personnel risks and opportunities
>6–20Mio €
>6–20Mio €
Trend →
Risk
assessment:
moderate
%
%
0
0
5
5
–
–
0
0
2
2
>
>
> 6-20 mn €
~300Mio €
Trend →
Risk
assessment:
substantial
%
%
0
0
5
5
–
–
0
0
2
2
>
>
> 40 mn €
~300Mio €
Trend →
Risk
assessment:
considerable
%
0
2
≤
> 40 mn €
%
0
5
–
0
2
>
%
0
5
–
0
2
>
%
0
5
–
0
2
>
Risks
•
Increased employee turnover due to a more attractive labor market and higher
internal workload
• More difficult recruitment due to current labor market conditions
•
Training periods for the recruitment of less qualified workers and thus later avail-
ability
Staff shortages in the air transport industry can have a negative impact on opera-
tional service delivery and consequently on the expected business development.
%
0
2
≤
•
•
•
•
%
%
0
0
2
5
–
≤
0
2
>
Measures
•
≤6Mio €
~400 Mio €
>6–20Mio €
>40Mio €
•
%
0
5
–
0
2
>
Reorganizing Human Resources
as part of the HRneo strategic
program
Improving IT support for HR pro-
cesses
Realigning recruitment pro-
cesses and training measures
Temporary granting of labor
market allowances for staff re-
cruitment, incentives through
above-tariff remuneration
schemes
Improving appeal as an em-
ployer through modern work
formats
>40Mio €
Opportunities
•
%
0
5
–
0
2
>
Increased appeal through remuneration schemes and working time models (e.g. mobile working)”
%
0
2
≤
%
0
2
≤
Measures
Funding risk 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 restructur-
ing funds are used for the current pension payments (solidarity model). If the require-
ment for work performance declines, in addition to the demographic development, the
%
number of employees for whom levies and restructuring charges are paid will de-
0
5
–
crease. Thus, the funding shortfall will grow continuously in the company pension
0
2
plan.
>
This increases the risk that the ZVK will demand compensation payments from
%
Fraport to make up for the gaps in coverage.
0
2
≤
~400 Mio €
>40Mio €
>20–40 Mio €
>40Mio €
>40Mio €
• Discussions with the ZVK about
different solution approaches
• An agreement has been reached
with the ZVK for Ground Ser-
vices employees at Fraport AG
as part of the negotiations on the
sectorial collective agreement.
Reaching a sectorial collective
agreement would conclusively
resolve the funding risk for
respective staff.
>40Mio €
%
0
5
–
0
2
>
Risks of exceptional incidents
>6–20Mio €
>6–20Mio €
Risks
•
•
•
126
Measures
•
%
0
2
≤
Business interruptions due to exceptional local events such as terrorist attacks,
accidents, fires, drone flights, technical malfunctions, actions by climate activists
and other criminal acts, or strikes
Impact on national and international air traffic caused by natural disasters, (cli-
mate-related) extreme weather conditions, armed conflicts, and pandemics
The emergence of epidemics and pandemics may lead to travel restrictions, local
restrictions on public life, production limitations, and supply chain bottlenecks,
which would also have a direct impact on traffic at Group airports. Risks from the
further development of the coronavirus pandemic no longer have any substantial
influence on operations in the Fraport Group, and are therefore no longer re-
ported as a separate risk.
%
0
>20–40 Mio €
2
≤
•
•
>40Mio €
≤ 6Mio €
%
0
5
–
0
2
>
%
0
2
≤
•
>6–20Mio €
%
0
2
≤
Implementation of a local central
crisis team
Local plans to maintain critical
business and operating
processes (business continuity
>40Mio €
and emergency teams)
Safety management system
Implementation and operational
support of drone detection
technology and drone defense
systems
>6– 20Mio €
>6– 20Mio €
•
Property and business interrup-
tion insurance
• Monitoring of news and esti-
mates of global infection rates.
• Where necessary, close coordi-
nation with health authorities,
airports, and aviation associa-
tions
%
0
5
–
0
2
>
%
0
2
≤
%
0
2
≤
%
0
2
≤
≤ 6Mio €
>6–20Mio €
To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther InformationFraport Annual Report 2023
116
Combined Management Report / Risk and Opportunities Report
Fraport Annual Report 2023
•
•
•
•
•
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
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 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. Project financing for the ongoing infrastructure and expan-
sion measures was concluded in December 2022. Potential risks remain due to the size, complexity, and duration of the expansion project.
However, as in the previous year, these are assessed as “moderate” as at the balance sheet date.
At Antalya Airport, interim financing has been secured until March 2024 for the expansion project being carried out by Fraport TAV Antalya
Yatirim, Yapim ve İşletme A.Ş. (FTA 2 ). FTA 2 has initiated discussions on the conclusion of follow-up financing and on increasing the financ-
ing volume, and these are now at an advanced stage. The probability of occurrence of a failure to secure follow-up financing at the planned
level is assessed to be low.
Personnel risks and opportunities
Risks
internal workload
ability
Increased employee turnover due to a more attractive labor market and higher
• More difficult recruitment due to current labor market conditions
Training periods for the recruitment of less qualified workers and thus later avail-
Improving IT support for HR pro-
Staff shortages in the air transport industry can have a negative impact on opera-
tional service delivery and consequently on the expected business development.
•
Increased appeal through remuneration schemes and working time models (e.g. mobile working)”
Opportunities
Funding risk ZVK
Trend →
Risk
assessment:
moderate
%
0
5
–
0
2
>
> 6-20 mn €
•
•
•
•
•
Measures
Reorganizing Human Resources
as part of the HRneo strategic
program
cesses
Realigning recruitment pro-
cesses and training measures
Temporary granting of labor
market allowances for staff re-
cruitment, incentives through
above-tariff remuneration
schemes
Improving appeal as an em-
ployer through modern work
formats
Measures
• Discussions with the ZVK about
different solution approaches
• An agreement has been reached
Trend →
Risk
assessment:
substantial
with the ZVK for Ground Ser-
vices employees at Fraport AG
as part of the negotiations on the
sectorial collective agreement.
Reaching a sectorial collective
agreement would conclusively
resolve the funding risk for
respective staff.
%
0
5
–
0
2
>
%
0
5
–
0
2
>
%
0
5
–
0
2
>
> 40 mn €
%
0
5
–
0
2
>
%
0
5
–
0
2
>
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 restructur-
ing funds are used for the current pension payments (solidarity model). If the require-
ment for work performance declines, in addition to the demographic development, the
number of employees for whom levies and restructuring charges are paid will de-
crease. 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.
Risks of exceptional incidents
~400 Mio €
>40Mio €
>40Mio €
~300Mio €
Risks
•
•
•
Business interruptions due to exceptional local events such as terrorist attacks,
accidents, fires, drone flights, technical malfunctions, actions by climate activists
and other criminal acts, or strikes
Impact on national and international air traffic caused by natural disasters, (cli-
mate-related) extreme weather conditions, armed conflicts, and pandemics
The emergence of epidemics and pandemics may lead to travel restrictions, local
restrictions on public life, production limitations, and supply chain bottlenecks,
which would also have a direct impact on traffic at Group airports. Risks from the
further development of the coronavirus pandemic no longer have any substantial
influence on operations in the Fraport Group, and are therefore no longer re-
ported as a separate risk.
Fraport Annual Report 2023
Combined Management Report / Risk and Opportunities Report
• Monitoring of news and esti-
117
Trend →
Risk
assessment:
considerable
%
%
0
0
2
2
≤
≤
> 40 mn €
>40Mio €
Measures
•
Implementation of a local central
crisis team
Local plans to maintain critical
business and operating
%
processes (business continuity
0
and emergency teams)
5
–
0
Safety management system
2
>
Implementation and operational
support of drone detection
>20–40 Mio €
technology and drone defense
systems
Property and business interrup-
tion insurance
>40Mio €
•
%
0
2
≤
•
•
•
%
0
2
≤
mates of global infection rates.
%
• Where necessary, close coordi-
0
5
–
0
2
>
nation with health authorities,
airports, and aviation associa-
tions
Close cooperation with airlines
and authorities to secure and
strengthen air traffic including
safeguarding provisions
>6– 20Mio €
•
>6– 20Mio €
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
%
•
0
2
≤
•
•
•
>40Mio €
•
•
%
0
2
≤
%
0
5
–
0
2
>
>6–20Mio €
Redundant implementation
of relevant IT infrastructure
Preventative IT security man-
agement to protect business-
≤6Mio €
critical IT systems
IT security policy and IT security
guidelines
Established emergency process
with defined roles and compe-
tencies
Interregional collaboration to
develop uniform security stand-
ards for IT environments
Compliance with IT security
requirements is checked regu-
larly by Internal Auditing,
IT security management or
external advisors
>40Mio €
%
0
2
≤
~400Mio €
%
0
5
–
0
2
>
%
0
5
–
0
2
>
>40Mio €
>20–40 Mio €
>40Mio €
%
0
2
≤
>6–20Mio €
>6–20Mio €
%
0
2
≤
≤ 6Mio €
>6–20Mio €
%
0
5
–
0
2
>
%
0
2
≤
%
0
5
–
0
2
>
%
0
2
≤
Trend →
Risk
assessment:
substantial
%
%
0
0
5
5
–
–
0
0
2
2
>
>
> 40 mn €
~300Mio €
127
Fraport Annual Report 2023To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther Information
118
Combined Management Report / Risk and Opportunities Report
Fraport Annual Report 2023
Fraport Annual Report 2023
Combined Management Report / Risk and Opportunities Report
119
%
0
5
–
0
2
>
%
0
5
–
0
2
>
%
0
5
–
0
2
>
>40Mio €
>40Mio €
~300Mio €
Legal and compliance risks
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
•
Measures
~400 Mio €
•
•
•
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
• Fixed interest rate agreements
for most financial debt
• Monitoring: quarterly perfor-
mance of simulations of
interest rate risk
%
0
5
–
0
2
>
>40Mio €
>20–40 Mio €
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
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
•
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
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, particu-
larly on liquidity and other bank lending practices
%
0
5
–
0
2
>
> 20-40 mn €
>40Mio €
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.
>40Mio €
~300Mio €
Trend →
Risk
assessment:
considerable
%
%
0
0
2
2
≤
≤
%
0
5
–
0
2
>
> 40 mn €
>40Mio €
Trend →
Risk
assessment:
moderate
Trend →
Risk
assessment:
considerable
%
0
2
≤
> 40 mn €
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
%
0
5
–
0
2
>
%
0
5
–
0
2
>
%
0
5
–
0
2
>
%
0
5
–
0
2
>
%
0
5
–
0
2
>
~300Mio €
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 opportunities
situation remains largely unchanged compared to the previous year. The overall risk situation in the 2023 fiscal year has improved
mainly due to the lifting of travel restrictions imposed during the coronavirus pandemic and on account of the progress made in
airport expansion programs in the Group, although offsetting effects resulting from the macroeconomic development and rising
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 combi-
nation of these seems to be highly unlikely, in view of projections for future developments 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
Trend →
>40Mio €
~300Mio €
Risk
assessment:
low
%
%
0
0
2
2
≤
≤
%
< 6 mn €
0
>40Mio €
5
–
0
2
>
Trend →
Risk
assessment:
low
>40Mio €
~300Mio €
development and the resources necessary to effectively pursue and capitalize on opportunities arising for the Group.
> 6-20 mn €
>40Mio €
>40Mio €
%
0
5
–
0
2
>
%
%
0
0
2
2
≤
≤
%
0
5
–
0
2
>
%
0
2
≤
%
0
5
–
0
2
>
~400 Mio €
>40Mio €
Measures
• Ongoing sale of currencies not
covered by matching currencies
or conclusion of forward
(exchange) transactions
>6– 20Mio €
%
0
5
–
0
2
>
%
%
0
0
2
2
≤
≤
>6– 20Mio €
>40Mio €
~400 Mio €
Measures
•
>20–40 Mio €
>40Mio €
%
0
2
≤
Acquisition of financial assets
and conclusion of derivatives
only with issuers and counter-
parties rated at least “BBB–”
Issuer ratings are regularly
reviewed to enable any neces-
sary decisions on further
≤6Mio €
%
0
dealings with the financial
5
–
asset or derivative.
0
2
Investments in unrated bonds
>
are continuously indicated in
>20–40 Mio €
the reporting.
Limit caps are adjusted, if
necessary, to reflect changes
in creditworthiness
>6– 20Mio €
>40Mio €
~400 Mio €
%
0
5
–
0
2
>
%
0
2
≤
>40Mio €
>6–20Mio €
>6– 20Mio €
Measures
%
•
0
2
%
≤
0
5
–
0
2
>
%
0
2
≤
%
0
2
≤
Financial assets with a fixed term
are assumed to be subject only
to temporary market fluctuations
that reverse automatically by the
>6–20Mio €
≤6Mio €
end of the product terms be-
%
cause the full nominal amount is
>6–20Mio €
0
>6– 20Mio €
5
repaid
–
0
2
>
%
0
5
–
0
2
>
%
%
0
0
2
5
≤
–
0
2
>
>40Mio €
~400 Mio €
>20–40 Mio €
>40Mio €
Measures
•
%
0
2
≤
%
0
2
≤
“Reserve financing” strategy to
guarantee financing, such as for
upcoming capital expenditure
and repayments.
The amount of funds from the
>6–20Mio €
≤6Mio €
%
strategic liquidity reserve is con-
0
tinuously monitored and, if nec-
5
–
essary, replenished in the event
0
2
of reduction.
>
>6– 20Mio €
>40Mio €
>20–40 Mio €
%
0
2
≤
>6– 20Mio €
Trend →
Risk
assessment:
low
%
%
0
0
2
2
≤
≤
> 6-20 mn €
>40Mio €
%
0
2
≤
%
0
2
≤
≤6Mio €
>6– 20Mio €
>6–20Mio €
>6– 20Mio €
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 posi-
tive impact on the financial result
• Overall, Fraport expects to be able to take advantage of favorable developments in the financial markets
128
%
0
2
≤
%
0
2
≤
≤6Mio €
>6–20Mio €
%
0
2
%
≤
0
5
–
0
2
>
%
0
5
–
0
2
>
%
%
0
2
0
5
≤
–
0
2
>
%
0
2
•
≤
%
0
5
–
0
2
>
%
0
2
≤
•
%
0
5
–
0
2
>
•
•
%
0
5
–
0
2
>
%
0
2
≤
%
0
%
2
≤
0
5
–
0
2
>
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Combined Management Report / Risk and Opportunities Report
119
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.
%
0
5
–
0
2
>
%
0
5
–
0
2
>
%
0
5
–
0
2
>
%
0
5
–
0
2
>
~400 Mio €
>40Mio €
>40Mio €
~300Mio €
Trend →
Risk
assessment:
considerable
%
%
0
0
2
2
≤
≤
> 40 mn €
>40Mio €
Measures
•
•
%
0
2
≤
Continuous analysis of legal
changes for timely identification
of and response to potential
negative changes
Implementation and expansion
%
of a Group-wide compliance
0
5
organization
–
0
2
>
•
>40Mio €
• Group Guideline on the Compli-
ance Management System
Further development of the
centralized ICS
•
Code of Conduct
• Whistleblower system
•
>20–40 Mio €
Continuous monitoring of tax
changes
Regular dialog with
tax authorities
%
0
2
≤
•
%
0
5
–
0
2
>
Opportunities
•
Legal or tax-related changes or court decisions with positive effects on Fraport Group’s operations and financial indicators
>6–20Mio €
>6– 20Mio €
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 opportunities
situation remains largely unchanged compared to the previous year. The overall risk situation in the 2023 fiscal year has improved
mainly due to the lifting of travel restrictions imposed during the coronavirus pandemic and on account of the progress made in
airport expansion programs in the Group, although offsetting effects resulting from the macroeconomic development and rising
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 combi-
nation of these seems to be highly unlikely, in view of projections for future developments 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.
>6–20Mio €
≤6Mio €
%
0
2
≤
%
0
2
≤
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120
Combined Management Report / Risk and Opportunities Report
Fraport Annual Report 2023
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
separate 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
accounting, 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
processes 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.
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Combined Management Report / Risk and Opportunities Report
Combined Management Report / Risk and Opportunities Report
121
121
The Corporate Finance and Investor Relations department is generally responsible for preparing the combined management
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-
report. This department consolidates the information provided by the specialist departments. Subsequent control of the consoli-
dated information is performed by the specialist departments.
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
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.
to scheduled audit by the Internal Audit department.
Information on the central internal control system13)
Information on the central internal control system13)
In addition to the accounting-related internal control system and the risk management system, the Fraport Group identifies, eval-
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
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-
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
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,
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.
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
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-
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 the central
ent audits, the Executive Board annually assesses the design and effectiveness of Fraport AG's risk management and the central
internal control system described above.
internal control system described above.
The central Group Internal Audit performs process-independent audit activities on the risk management and central internal control
The central Group Internal Audit performs process-independent audit activities on the risk management and central internal control
system. Audit reviews regularly provide information and findings on the central internal control system, which are to be remedied
system. 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. Measures for findings from completed audit
by measures taken by the REW-RS department together with the departments. Measures for findings from completed audit
reviews are currently being processed.
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
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, 2023.
control system were not adequate or effective as at December 31, 2023.
Since inherent risks are subject to a probability of detection, a risk management or central internal control system that is judged
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
to be adequate and effective cannot fully ensure complete coverage of all potential risks or exclusion of process violations of any
kind.
kind.
The Finance and Audit Committee of the Supervisory Board is systematically involved in monitoring the design and effectiveness
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
of the risk management and central internal control system. It receives a semi-annual report on the current risk and opportunity
situation and is presented with an annual report on the results of the CSA of the central internal control system.
situation and is presented with 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 external auditor's review of the content of the management
report. The reason for this is that these disclosures go beyond the legal obligations.
1 The statements in this section are “non-management report disclosures” that are not subject to the external auditor's review of the content of the management
report. The reason for this is that these disclosures go beyond the legal obligations.
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Konzern-Lagebericht / Prognosebericht
Fraport-Geschäftsbericht 2023
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 2024 fiscal year (see also Group notes,
note 4). Climate-related aspects are taken into account in the forecasted traffic developments to the extent that these can be
predicted.
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 geopolitical uncertainties, the Executive Board expects an overall positive business development in 2024. The new Group
strategy “Fraport.2030” lays the foundation for the Group to tackle the strategic challenges both today and in the future.
For Frankfurt Airport, following passenger numbers of around 59.4 million in the 2023 fiscal year, the Executive Board expects
this to increase to between approximately 61 million and 65 million passengers in the 2024 fiscal year. Traffic development in
Frankfurt is being driven in part by an increase in traffic to and from China, as well as further recovery in the business travel
segment. The Executive Board also forecasts positive traffic development for the international Group airports in 2024.
The Executive Board assumes that the positive business development will have an increasing effect on the Group’s revenue and
earnings development in 2024, and expects Group EBITDA to increase to between approximately €1,260 million and €1,360
million. The Group result is expected to be between approximately €435 million and €530 million, with increasing depreciation
and amortization and a deterioration in the financial result. The ROFRA is forecasted to be around or slightly above the 2023
level. Due to ongoing expansion measures, the free cash flow will again be negative in the mid three-digit million euro range in
2024 and will have an increasing effect on the net financial debt in 2024. Depending on the improvement in the operating result,
the ratio of net financial debt to EBITDA is expected to be roughly at the level of 2023. Due to the range of the forecasted
EBITDA and the free cash flow development, the figure may be slightly above or below that level. Despite extensive financing
measures and the further utilization of project financing in Lima, the Group liquidity is forecasted to be below the level of 2023,
mainly due to the negative free cash flow. However, the long-term target value of €1 billion will continue to be substantially
exceeded.
The Executive Board continues to project a stable financial situation for the Fraport Group over the forecast period.
At the level of Fraport AG, the Executive Board expects net income of between approximately €300 million and €350 million in
the 2024 fiscal year. Taking into account the expected negative free cash flow, the Executive Board forecasts a clear decline in
the liquidity of Fraport AG. However, thanks to the extensive financing measures in place, liquidity will remain substantially above
the target value of €1 billion.
According to the opinion of the Executive Board, the development of an existential threat by 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. The forecasted figures do not envisage any acquisitions or disposals of companies, or
increases or reductions in shareholdings.
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123
Business outlook
Forecasted situation of the Group for 2024
Development of structure
With effect from January 1, 2024, Fraport has converted the “Human Resources” central unit and the “HR Top Executives” unit
into a new organization, which now comprises the two central units “HR Operations” and “People & Culture.” The reorganization
does not have any impact on the asset, financial, and earnings position of the Fraport Group.
When preparing the Outlook Report, the Executive 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 inauguration of the new terminal in Lima is planned
for 2024, 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
At the end of January 2024, the Executive Board introduced the new Group strategy “Fraport.2030,” which replaces the previous
Group strategy. This new strategy defines the three main priorities of the Group: “growth and sustainability,” “efficiency and inno-
vation,” and “employer of choice.” Through optimal cooperation within the Group (“working together”), the Executive Board aims
to achieve the overriding goal of “inspiring customers” and the financial targets of “EBITDA of €2 billion” and “free cash flow of
€1 billion” by the 2030 fiscal year. The strategic priorities will be rolled out in the individual company units in the 2024 fiscal year,
with twelve projects already defined and ready for implementation.
In this context and on the basis of the new materiality analysis, in accordance with the requirements of the Corporate Sustainability
Reporting Directive (CSRD), the control system will be revised in the 2024 fiscal year.
The strategic focus of finance management is not considered in this context.
Forecasted economic environment 2024
Development of the macroeconomic conditions
The global economic outlook for 2024 is subdued overall and subject to uncertainty. Inflation is expected to ease in many econo-
mies, which will in turn see interest rates fall, and is likely to boost investor confidence. The International Monetary Fund expects
global growth of approximately 3.1% for the current year. World trade is expected to reach 3.3%.
For the US economy, the International Monetary Fund expects an increase of 2.1% for 2024. 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
4.6% is forecasted for the Chinese economy. Overall expectations for the euro area stand at 0.9%. For the German economy,
weak growth of 0.5% is expected for the current year in the best-case scenario.
The following GDP trends are expected in 2024 for countries with Group sites: USA 2.1%, Slovenia 2.2%, Brazil 1.7%, Peru 2.7%,
Greece 2.0%, Bulgaria 3.2%, Turkey 3.1%.
Source: IMF (October 2023, January 2024), OECD (December 2023), Deutsche Bank Research (December 2023), Deka Bank (December 2023), Ifo Institute for
Economic Research (December 2023).
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Konzern-Lagebericht / Prognosebericht
Fraport-Geschäftsbericht 2023
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 the 2024 fiscal year 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, the
International Air Transport Association IATA anticipates global passenger growth of 9.8% in 2024 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:
Forecasted Increase Revenue Passenger Kilometers 2024 versus 2019 by Region
Changes compared to the previous year in %
Worldwide
Europe
North America
Asia-Pacific
Latin America
Middle East
Africa
+9.0
+8.0
+6.0
+10.0
+13.0
+12.0
+9.0
The Airports Council International (ACI) expects a full recovery of passenger traffic in Europe in 2024 with growth of 1% compared
to pre-crisis levels. For Germany, the German Aviation Association (Bundesverband der Deutschen Luftverkehrswirtschaft)
expects a seat capacity of 89% of the 2019 passenger level. This comparatively low recovery rate is due in part to higher site
costs.
Source: IATA Global Outlook for Air Transport (December 2023), ACI Industry Outlook for 2023–2024, BDL press release (February 2024).
Forecasted business development for 2024
Taking into account the industry-specific conditions, the Executive Board expects traffic development at the Group airports to be
positive overall in 2024, but with substantial variation among the sites. Frankfurt Airport will benefit from further recovery in traffic.
Following passenger numbers of around 59.4 million in fiscal year 2023, the Executive Board expects this to increase to between
approximately 61 million and 65 million passengers in the 2024 fiscal year. Traffic development is being driven in part by an
increase in traffic to and from China, as well as further recovery in the business travel segment.
Positive traffic development is also expected at the international Group airports, as follows:
A further passenger recovery compared to the previous year is expected at Ljubljana Airport and at the Brazilian Group airports
in Fortaleza and Porto Alegre. However, the sites are expected to remain substantially below the pre-crisis level of the 2019
fiscal year. At Lima Airport, the traffic volume is approaching and may slightly exceed the 2019 level. At the 14 Greek regional
airports, the passenger numbers are expected to be around or slightly above the high level of the previous year 2023. In Varna
and Burgas, as well as in Antalya, some substantial traffic increases are forecasted compared to the previous year.
Changes to the outlook could occur depending on geopolitical developments.
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125
Forecasted results of operations for 2024
The expected passenger development will lead to a rise in the Group revenue in fiscal year 2024. The traffic-related growth in
revenue will be bolstered by increases in charges at the Frankfurt site and at the Group companies Fraport Brasil, Fraport Greece,
and Fraport Twin Star. On the expense side, the Executive Board expects an increase in wage costs at the Frankfurt site in
particular. In addition, the increase in traffic volume will lead to higher expenses at the Frankfurt site and a rise in concession
charges at the Group companies Fraport Greece and Lima. The largely earnings-neutral management of aviation security controls
at the Frankfurt site will also have the effect of increasing revenue and expenses. 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 Group currency,
the euro, may also have a positive or negative impact on the earnings contribution from Group companies.
Given the forecasted traffic ranges and the resulting uncertainty regarding income and expense developments, the Executive
Board expects a Group EBITDA of between approximately €1,260 million and about €1,360 million. The Group result is expected
to be between approximately €435 million and around €530 million, with increasing depreciation and amortization and a deterio-
ration in the financial result, mainly due to higher interest expenses. The improvement in the result combined with an increase in
assets will result in a ROFRA of around or slightly above the 2023 level of 6.6%.
Despite the forecasted development of the result, the Executive Board does not intend to propose the distribution of any dividends
in the 2024 fiscal year on account of the capital expenditure-related negative free cash flow.
At the level of Fraport AG, the Executive Board expects net income of between approximately €300 million and approximately
€350 million in the 2024 fiscal year.
Forecasted segment development for 2024
The planned traffic developments will have a positive impact on the revenue of the four Fraport segments. The Executive Board
expects that the EBITDA in the Aviation segment will continue to rise, but remain below €400 million. The Executive Board also
expects the EBITDA in the Retail & Real Estate segment to improve, and forecasts a figure of around or slightly above €400
million. In the Ground Handling segment, the Executive Board expects the EBITDA to be approximately balanced in 2024.
Despite higher variable concession charges, particularly at Fraport Greece, and the loss of the positive one-off effects of fiscal
year 2023, such as the settlement of a legal dispute at Group company Fraport USA, the Executive Board expects a consistent
or slightly positive EBITDA for the International Activities & Services segment compared to the previous year. In addition to the
positive expected traffic development at Group airports, further positive one-off effects are expected to bolster profit development
in 2024.
Forecasted asset and financial position for 2024
Despite the traffic-related improvement in the operating result, the Executive Board expects free cash flow to remain negative in
2024 due to ongoing expansion activities at the Frankfurt and Lima sites and to be in the mid negative three-digit million euro
range. The negative free cash flow will increase net financial debt in 2024. Cash inflows and outflows in connection with the
international Group companies, exchange rate effects, and changes to net current assets will also affect the development of net
financial debt. Depending on the improvement in the operating result, the ratio of net financial debt to EBITDA is expected to be
roughly at the level of 2023. Due to the range of the forecasted EBITDA and the free cash flow development, the figure may be
slightly above or below that level. Despite extensive financing measures and the further utilization of project financing in Lima, the
Group liquidity is forecasted to be below the level of 2023, due in particular to the negative free cash flow. However, the
long-term target value of €1 billion will continue to be substantially exceeded.
At the level of Fraport AG, the Executive Board likewise forecasts a clear decline in liquidity as a result of the expected negative
free cash flow. However, thanks to the extensive financing measures in place, liquidity will remain substantially above the target
value of €1 billion.
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126
Konzern-Lagebericht / Prognosebericht
Fraport-Geschäftsbericht 2023
Medium-term outlook
Over the medium term, a positive development in the global economy and global passenger numbers is expected. A return to
2019 passenger levels in Frankfurt is expected until approximately 2026. Group airports will also benefit from forecasted medium-
to long-term global market growth and show positive traffic development (see also the “Strategy” chapter).
Rising passenger numbers will have a positive impact on the asset, financial, and earnings position of the Fraport Group and will
contribute to the further growth of Group EBITDA. The inauguration of the terminals in Frankfurt and Lima, on the other hand, will
result in higher depreciation and amortization and a loss of the opportunity to capitalize interest expenses. Due to these effects
and the expiration of the current Antalya concession at the end of 2026, the Executive Board expects a temporary reduction of
earnings during the forecast period.
As a result of the inauguration of the terminals in Frankfurt and Lima and the associated gradual reduction of the capital expendi-
ture program, the Executive Board expects there to be a substantial recovery in the free cash flow from 2025, with noticeably
positive effects on the net financial debt from the 2026 fiscal year. In this context, the net financial debt will also start to decrease
from the 2026 fiscal year at the latest. On account of the decline in net financial debt and the expected improvement in the Group
EBITDA, the ratio of net financial debt to EBITDA is expected to improve further in the medium term.
Future capital expenditure obligations may be financed with debt instruments described above and cash flows from operations
(see also the “Finance Management” and “Asset and Financial Position” chapters).
For the dividend payment, the Executive Board aims to resume a dividend policy in the forecast period. Before the start of the
coronavirus pandemic, this was 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 5.
Frankfurt/Main, March 12, 2024
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.
136
To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther InformationFraport Annual Report 2023
Getting Greener: PV expansion
and new Sky Line railroad
are making progress
After the tests of the demonstration system at Runway West were successful,
further expansion is now starting.
The planned expansion path for own PV systems along the Runway West and
Runway Northwest as well as additional PV roof systems with a total capacity of
up to 42 MWp will make it possible to generate up to 40 GWh of electricity p. a.
over the next five years in the final expansion phase, depending on the
duration of sunshine.
As part of the construction of Terminal 3, Fraport is building a new Sky Line
train which will supplement the existing system and connect the new
passenger building to the northern airport operations.
In future, passengers will be able to travel 365 days a year from the long-
distance and regional train station to Terminal 3 within eight minutes over
a distance of 5.6 kilometers. Six of the twelve vehicles of the new Sky Line
train have already been delivered. In addition to ample space for luggage,
specially designed handrails provide more freedom of movement.
Successful test runs have already been carried out.
New standards are also being set in terms of “green financing”: Part of the
financing for the Sky Line train is being provided in
connection with the classification of the
EU taxonomy. This makes it the first
“green financing” of Fraport AG.
Consolidated Financials Statements
for the 2023 Fiscal Year
138
Consolidated Income Statement
139
Consolidated Statement of Comprehensive Income
140
Consolidated Statement of Financial Position
141
Consolidated Statement of Cash Flows
142
Consolidated Statement of Changes in Equity
137
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Consolidated Financial Statements / Consolidated Income Statement
127
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
2023
2022
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(12)
(13)
(14)
(15)
(16)
4,000.5
50.5
59.0
4,110.0
–1,637.3
–1,076.0
–501.2
–192.7
702.8
100.9
–317.9
84.5
–16.4
–148.9
553.9
–123.4
430.5
37.3
393.2
4.26
4.26
1,204.0
702.8
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
138
To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther InformationFraport Annual Report 2023
128
Consolidated Financial Statements / Consolidated Statement of Comprehensive Income
Fraport Annual Report 2023
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
2023
430.5
–2.9
0.9
–12.5
0.4
–0.1
–14.2
18.0
7.9
10.1
–2.2
30.0
0.0
30.0
–9.1
–10.2
0.0
–10.2
0.2
–8.7
8.9
0.0
27.5
13.3
443.8
34.5
409.3
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
139
Fraport Annual Report 2023To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther Information
Fraport Annual Report 2023
Consolidated Financial Statements / Consolidated Statement of Financial Position
129
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
Non-current assets held for sale
Total
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
Notes
December 31, 2023
December 31, 2022
(17)
(18)
(19)
(20)
(21)
(22)
(23)
(24)
(25)
(27)
(28)
(29)
(23)
(24)
(25)
(26)
(30)
(2)
19.3
4,146.8
97.0
8,951.5
69.5
518.0
953.1
100.2
95.4
102.3
19.3
3,769.1
95.9
8,371.8
69.1
491.4
1,173.4
87.2
129.4
159.5
15,053.1
14,366.1
28.0
271.5
849.2
112.2
123.8
42.5
2,410.5
3,837.7
0.1
25.5
177.1
269.7
55.2
84.1
33.3
2,585.2
3,230.1
11.4
18,890.9
17,607.6
Notes
December 31, 2023
December 31, 2022
(31)
(31)
(31)
(31)
(32)
(33)
(34)
(35)
(36)
(37)
(38)
(39)
(40)
(33)
(34)
(35)
(36)
(39)
(40)
(2)
923.9
598.5
2,796.3
4,318.7
273.6
4,592.3
10,232.5
78.6
1,090.2
62.9
52.1
35.8
47.3
118.9
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
11,718.3
11,232.6
1,521.4
430.8
150.9
220.8
73.3
183.1
2,580.3
0.0
1,209.6
444.4
190.3
162.8
24.7
199.2
2,231.0
12.1
18,890.9
17,607.6
To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther InformationFraport Annual Report 2023
130
130
Consolidated Financial Statements / Consolidated Statement of Cash Flows
Consolidated Financial Statements / Consolidated Statement of Cash Flows
Fraport Annual Report 2023
Fraport Annual Report 2023
Consolidated Statement of Cash Flows
Consolidated Statement of Cash Flows
€ million
€ million
Result attributable to shareholders of Fraport AG
Result attributable to shareholders of Fraport AG
Result attributable to non-controlling interests
Result attributable to non-controlling interests
Adjustments for
Adjustments for
Taxes on income
Taxes on income
Depreciation and amortization
Depreciation and amortization
Interest result
Interest result
Gains/losses from disposals of non-current assets
Gains/losses from disposals of non-current assets
Others
Others
Changes in the measurement of companies accounted for using the equity method
Changes in the measurement of companies accounted for using the equity method
Changes in inventories
Changes in inventories
Changes in receivables and financial assets
Changes in receivables and financial assets
Changes in liabilities
Changes in liabilities
Changes in provisions
Changes in provisions
Operating activities
Operating activities
Financial activities
Financial activities
Interest paid
Interest paid
Interest received
Interest received
Paid taxes on income
Paid taxes on income
Cash flow from operating activities
Cash flow from operating activities
Investments in airport operating projects
Investments in airport operating projects
Investments for other intangible assets
Investments for other intangible assets
Capital expenditure for property, plant, and equipment
Capital expenditure for property, plant, and equipment
Investments for “Investment property”
Investments for “Investment property”
Investments in companies accounted for using the equity method
Investments in companies accounted for using the equity method
Sale of consolidated subsidiaries
Sale of consolidated subsidiaries
Sale of shares 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
Dividends from companies accounted for using the equity method
Proceeds from disposal of non-current assets
Proceeds from disposal of non-current assets
Cash flow used in investing activities excluding investments in cash deposits and securities
Cash flow used in investing activities excluding investments in cash deposits and securities
Financial investments in securities and promissory note loans
Financial investments in securities and promissory note loans
Proceeds from disposal of 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
Changes in time deposits with a term of more than three months
Cash flow used in investing activities
Cash flow used in investing activities
Dividends paid to non-controlling interests
Dividends paid to non-controlling interests
Capital increase non-controlling interests
Capital increase non-controlling interests
Transactions with non-controlling interests
Transactions with non-controlling interests
Cash inflow from long-term financial liabilities
Cash inflow from long-term financial liabilities
Repayment of non-current financial liabilities
Repayment of non-current financial liabilities
Changes in current financial liabilities
Changes in current financial liabilities
Cash flow used in financing activities
Cash flow used in financing activities
Change in restricted cash
Change in restricted cash
Change in cash and cash equivalents
Change in cash and cash equivalents
Cash and cash equivalents as at January 1
Cash and cash equivalents as at January 1
Foreign currency translation effects on cash and cash equivalents
Foreign currency translation effects on cash and cash equivalents
Cash and cash equivalents as at December 31
Cash and cash equivalents as at December 31
Notes
Notes
(15)
(15)
(10)
(10)
(12)
(12)
(13)
(13)
(28)
(28)
(24 – 25), (29)
(24 – 25), (29)
(34 – 36)
(34 – 36)
(37 – 40)
(37 – 40)
(43)
(43)
(18)
(18)
(19)
(19)
(20)
(20)
(21)
(21)
(22)
(22)
(2)
(2)
(2)
(2)
(22)
(22)
(23)
(23)
(30)
(30)
(43)
(43)
(2)
(2)
(33)
(33)
(43)
(43)
(30), (43)
(30), (43)
2023
2023
393.2
393.2
37.3
37.3
123.4
123.4
501.2
501.2
217.0
217.0
2.1
2.1
–14.9
–14.9
–84.5
–84.5
–2.6
–2.6
–115.9
–115.9
63.3
63.3
–46.0
–46.0
1,073.6
1,073.6
–205.2
–205.2
50.6
50.6
–55.8
–55.8
863.2
863.2
–579.6
–579.6
–7.7
–7.7
–942.9
–942.9
–1.3
–1.3
0.0
0.0
–10.6
–10.6
0.8
0.8
57.1
57.1
1.6
1.6
–1,482.6
–1,482.6
–838.1
–838.1
496.1
496.1
5.7
5.7
–1,818.9
–1,818.9
–13.9
–13.9
33.7
33.7
0.0
0.0
2,055.3
2,055.3
–923.9
–923.9
–355.8
–355.8
795.4
795.4
13.1
13.1
–147.2
–147.2
826.2
826.2
–8.7
–8.7
670.3
670.3
2022
2022
132.4
132.4
34.2
34.2
67.3
67.3
465.3
465.3
260.5
260.5
1.3
1.3
67.8
67.8
–77.0
–77.0
–5.0
–5.0
–74.1
–74.1
96.4
96.4
–7.8
–7.8
961.3
961.3
–156.6
–156.6
19.6
19.6
–37.0
–37.0
787.3
787.3
–407.1
–407.1
–4.7
–4.7
–741.6
–741.6
–0.1
–0.1
–377.3
–377.3
0.0
0.0
173.5
173.5
50.7
50.7
0.8
0.8
–1,305.8
–1,305.8
–812.3
–812.3
364.9
364.9
537.2
537.2
–1,216.0
–1,216.0
0.0
0.0
0.0
0.0
82.3
82.3
2,011.6
2,011.6
–1,307.2
–1,307.2
95.6
95.6
882.3
882.3
–64.6
–64.6
389.0
389.0
431.2
431.2
6.0
6.0
826.2
826.2
141
Fraport Annual Report 2023To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther Information
Fraport Annual Report 2023
Fraport Annual Report 2023
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
Consolidated Statement of Changes in Equity
€ million
€ million
Notes
Notes
Issued capital
Issued capital
Capital reserve
Capital reserve
As at January 1, 2023
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
As at January 1, 2023
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
Fair value changes of derivatives
Other result
Other result
Distributions
Group result
Transactions with non-controlling interests
Distributions
Group result
Transactions with non-controlling interests
Capital increase non-controlling interests
Capital increase non-controlling interests
As at December 31, 2023
As at December 31, 2023
As at January 1, 2022
Foreign currency translation effects
Income and expenses from companies accounted for using the equity method directly recognized in 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
(31),(32)
(31),(32)
923.9
–
–
–
–
–
–
0.0
–
–
–
–
923.9
–
–
–
–
–
–
0.0
–
–
–
–
923.9
923.9
923.9
–
–
923.9
–
–
–
–
–
–
–
–
–
–
598.5
–
–
–
–
–
–
0.0
–
–
–
–
598.5
–
–
–
–
–
–
0.0
–
–
–
–
598.5
598.5
598.5
–
–
598.5
–
–
–
–
–
–
–
–
–
–
0.0
0.0
0.0
0.0
–
–
–
–
–
–
–
–
–
–
–
–
(31),(32)
(31),(32)
923.9
923.9
598.5
598.5
Remeasurement of defined benefit plans
Remeasurement of defined benefit plans
Equity instruments measured at fair value
Equity instruments measured at fair value
Debt instruments measured at fair value
Debt instruments measured at fair value
Fair value changes of derivatives
Fair value changes of derivatives
Other result
Other result
Distributions
Group result
Transactions with non-controlling interests
Distributions
Group result
Transactions with non-controlling interests
As at December 31, 2022
As at December 31, 2022
142
To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther InformationFraport Annual Report 2023
132
Fraport Annual Report 2023
Consolidated Financial Statements / Consolidated Statement of Changes in Equity
Revenue reserves
Foreign
currency reserve
Financial
instruments
Revenue reserves
(total)
Equity
attributable to
shareholders
of Fraport AG
Non-controlling
interests
Shareholders’ equity
(total)
2,439.3
–
0.3
–2.0
–
–
–
–1.7
–
393.2
–
–
2,830.8
2,276.7
–
–
7.6
–
–
–
7.6
–
132.4
22.6
2,439.3
–92.7
–5.8
0.9
–
–
–
–
–4.9
–
–
–
–
–97.6
–106.4
47.1
–33.4
–
–
–
–
13.7
–
–
–
–92.7
40.4
–
8.0
–
–12.5
20.9
6.3
22.7
–
–
–
–
63.1
60.4
–
–
–
21.2
–42.7
1.5
–20.0
–
–
–
40.4
2,387.0
–5.8
9.2
–2.0
–12.5
20.9
6.3
16.1
–
393.2
–
–
2,796.3
2,230.7
47.1
–33.4
7.6
21.2
–42.7
1.5
1.3
–
132.4
22.6
3,909.4
–5.8
9.2
–2.0
–12.5
20.9
6.3
16.1
–
393.2
–
–
4,318.7
3,753.1
47.1
–33.4
7.6
21.2
–42.7
1.5
1.3
–
132.4
22.6
2,387.0
3,909.4
222.5
–4.4
–
–
–
–
1.6
–2.8
–13.9
37.3
–3.2
33.7
273.6
155.9
4.5
–
–
–
–
0.7
5.2
–
34.2
27.2
222.5
4,131.9
–10.2
9.2
–2.0
–12.5
20.9
7.9
13.3
–13.9
430.5
–3.2
33.7
4,592.3
3,909.0
51.6
–33.4
7.6
21.2
–42.7
2.2
6.5
–
166.6
49.8
4,131.9
143
Fraport Annual Report 2023To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther Information
144
To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther InformationFraport Annual Report 2023 Lima expansion project
In order to do justice to the importance of Lima Airport
as an international hub airport in the future as well,
extensive infrastructure and expansion measures are
taking place. Numerous airside construction projects,
such as a new tower, have already been completed.
In April 2023 the second runway was also inaugurated
with the first commercial flight on it.
The first construction phase with a capacity of 30 million
passengers is scheduled to be put into operation at the
end of 2024. The new terminal is scheduled to serve up
to 40 million passengers a year when it becomes fully
operational in 2025.
The new terminal will make an important contribution to
the strategic development of Lima Airport.
Group Notes
for the
2023 Fiscal Year
146
Consolidated Statement of Changes in
Non-current Assets
148
Segment Reporting
150
Notes to the Consolidation and Accounting Policies
171
Notes to the Consolidated Income Statement
179
Notes to the Consolidated Financial Position
205
Notes to the Segment Reporting
207
Notes to the Consolidated Statement of Cash Flows
209
Other Disclosures
145
Fraport Annual Report 2023To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther Information Fraport Annual Report 2023
Fraport Annual Report 2023
Group Notes / Consolidated Statement of Changes in Non-current Assets
Group Notes / Consolidated Statement of Changes in Non-current Assets
133
133
Consolidated Statement of Changes in Non-current Assets
Consolidated Statement of Changes in Non-current Assets
Goodwill
Goodwill
Investments
Investments
in airport operating
in airport operating
projects
projects
Other intangible
assets
Other intangible
assets
132.3
132.3
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
132.3
132.3
113.0
113.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
113.0
113.0
4,539.1
–17.7
536.9
–20.7
–0.8
4,539.1
–17.7
536.9
–20.7
–0.8
5,036.8
5,036.8
770.0
–6.5
130.6
–0.5
–3.6
770.0
–6.5
130.6
–0.5
–3.6
890.0
890.0
272.4
–0.4
7.7
–29.5
7.4
272.4
–0.4
7.7
–29.5
7.4
257.6
257.6
176.5
–0.4
14.0
–29.5
0.0
176.5
–0.4
14.0
–29.5
0.0
160.6
160.6
19.3
19.3
4,146.8
4,146.8
97.0
97.0
132.3
132.3
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
132.3
132.3
113.0
113.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
113.0
113.0
4,053.4
122.3
374.1
–9.1
–1.6
0.0
4,053.4
122.3
374.1
–9.1
–1.6
0.0
4,539.1
4,539.1
637.0
19.5
113.5
0.0
0.0
0.0
637.0
19.5
113.5
0.0
0.0
0.0
770.0
770.0
265.1
265.1
2.3
2.3
4.7
4.7
–4.8
–4.8
5.2
5.2
-0.1
-0.1
272.4
272.4
159.3
159.3
1.2
1.2
17.4
17.4
3.4
3.4
–4.8
–4.8
0.0
0.0
176.5
176.5
19.3
19.3
3,769.1
3,769.1
95.9
95.9
(Note 17 to 21)
(Note 17 to 21)
€ million
€ million
Acquisition/production costs
Acquisition/production costs
As at January 1, 2023
As at January 1, 2023
Foreign currency translation effects
Foreign currency translation effects
Additions
Additions
Disposals
Disposals
Reclassifications
Reclassifications
As at December 31, 2023
As at December 31, 2023
Accumulated depreciation and amortization
Accumulated depreciation and amortization
As at January 1, 2023
As at January 1, 2023
Foreign currency translation effects
Foreign currency translation effects
Additions
Additions
Disposals
Disposals
Reclassifications
Reclassifications
As at December 31, 2023
As at December 31, 2023
Residual carrying amounts
As at December 31, 2023
Residual carrying amounts
As at December 31, 2023
Acquisition/production costs
Acquisition/production costs
As at January 1, 2022
As at January 1, 2022
Foreign currency translation effects
Foreign currency translation effects
Additions
Additions
Disposals
Disposals
Reclassifications
Reclassifications
IFRS 5 reclassifications
IFRS 5 reclassifications
As at December 31, 2022
As at December 31, 2022
Accumulated depreciation and amortization
Accumulated depreciation and amortization
As at January 1, 2022
As at January 1, 2022
Foreign currency translation effects
Foreign currency translation effects
Additions
Additions
Impairment losses
Impairment losses
Disposals
Disposals
Reclassifications
Reclassifications
As at December 31, 2022
As at December 31, 2022
Residual carrying amounts
Residual carrying amounts
As at December 31, 2022
As at December 31, 2022
146
To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther InformationFraport Annual Report 2023
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Group Notes / Segment Reporting
Fraport Annual Report 2023
Land, land rights,
and buildings,
including buildings
on leased lands
Technical
equipment
and machinery
Other equipment,
operating, and
office equipment
Right of use
assets leases
Construction
in progress
Property,
plant,
and equipment
(total)
Investment
property
6,503.1
0.0
39.9
–15.0
91.5
6,619.5
3,330.8
0.0
174.7
–13.2
–4.7
3,487.6
3,426.3
0.0
74.4
–27.3
15.6
3,489.0
1,891.8
0.0
106.1
–26.9
–0.1
1,970.9
3,131.9
1,518.1
6,432.2
0.0
16.4
–9.3
63.8
0.0
6,503.1
3,188.2
0.0
150.2
0.0
–9.2
1.6
3,330.8
3,410.7
0.0
28.4
–29.6
16.8
0.0
3,426.3
1,825.2
0.0
97.3
0.0
–29.1
–1.6
1,891.8
565.0
–2.6
28.6
–53.8
32.6
569.8
385.7
–1.7
37.7
–53.8
8.4
376.3
193.5
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
385.7
349.0
–10.4
8.6
–15.9
0.0
331.3
157.4
–5.7
37.2
–15.9
0.0
173.0
158.3
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
157.4
3,295.2
–0.6
804.3
–1.8
–146.3
3,950.8
1.1
0.0
0.0
0.0
0.0
1.1
14,138.6
–13.6
955.8
–113.8
–6.6
14,960.4
5,766.8
–7.4
355.7
–109.8
3.6
6,008.9
3,949.7
8,951.5
2,653.8
0.5
712.3
–3.7
–67.7
0.0
3,295.2
1.1
0.0
0.0
0.0
0.0
0.0
1.1
13,389.7
20.9
779.8
–66.4
15.1
-0.5
14,138.6
5,491.3
7.3
326.7
3.4
–61.9
0.0
5,766.8
79.6
0.0
1.3
0.0
0.0
80.9
10.5
0.0
0.9
0.0
0.0
11.4
69.5
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
10.5
3,172.3
1,534.5
179.3
191.6
3,294.1
8,371.8
69.1
147
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Fraport Annual Report 2023
Group Notes / Segment Reporting
135
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
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
1,098.8
828.1
40.8
27.9
1,139.6
856.0
96.8
87.8
1,236.4
943.8
151.8
40.6
156.5
134.8
308.3
175.4
2.4
0.1
0.0
0.0
498.8
446.4
16.5
30.7
515.3
477.1
237.1
213.8
752.4
690.9
274.0
256.3
95.9
86.6
369.9
342.9
–7.8
–3.5
0.0
0.0
676.8
550.1
1,726.1
1,369.8
8.5
8.0
685.3
558.1
38.7
34.4
724.0
592.5
–74.0
–111.6
39.9
37.7
–34.1
–73.9
–0.7
9.2
0.3
0.1
43.7
112.6
1,769.8
1,482.4
383.7
338.4
2,153.5
1,820.8
350.9
379.2
208.9
206.2
559.8
585.4
90.6
71.2
0.0
0.0
–
–
–
–
–
–
–756.3
–674.4
–756.3
–674.4
–
–
–
–
–
–
–
–
–
–
Group
4,000.5
3,194.4
109.5
179.2
4,110.0
3,373.6
–
–
4,110.0
3,373.6
702.7
564.5
501.2
465.3
1,203.9
1,029.8
84.5
77.0
0.3
0.1
144.8
192.8
186.4
159.4
–
18,890.9
17,607.6
14,298.6
13,475.7
1,501.7
Carrying amounts of segment assets
December 31, 2023
December 31, 2022
7,060.6
6,406.9
3,999.1
3,727.4
1,160.6
1,035.3
6,525.8
6,245.2
Segment liabilities
Acquisition cost of additions to property, plant, and equipment,
investments in airport operating projects, goodwill, intangible
assets, and investment property
December 31, 2023
December 31, 2022
2023
6,003.6
5,603.7
553.4
3,342.3
3,191.8
242.1
954.0
890.8
116.1
3,812.3
3,630.0
590.1
2022
426.0
230.7
92.9
409.1
–
1,158.7
Other considerable non-cash effective expenses
2023
2022
Investments in companies accounted for using the equity
method
December 31, 2023
December 31, 2022
41.2
88.0
19.3
0.6
23.7
46.0
31.1
29.0
15.0
18.1
10.8
12.5
11.9
17.5
456.8
449.3
0.2
6.1
–
–
92.0
175.7
518.0
491.4
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Group Notes / Segment Reporting
Fraport Annual Report 2023
Geographical information
€ million
Revenue
Other income
Income with third parties
Germany
Rest of
Europe
Asia
America
Reconcilia-
tion
Group
2023
2022
2023
2022
2023
2022
2,328.8
1,886.1
73.1
73.1
2,401.9
1,959.2
639.8
513.1
1.8
24.4
641.6
537.5
15.8
10.8
0.9
54.6
16.7
65.4
1,016.1
784.4
33.7
27.1
1,049.8
811.5
–
–
–
–
–
–
4,000.5
3,194.4
109.5
179.2
4,110.0
3,373.6
Carrying amounts of segment assets
December 31, 2023
December 31, 2022
12,472.7
11,398.0
3,000.0
3,113.3
576.5
691.4
2,696.9
2,212.1
144.8
192.8
18,890.9
17,607.6
Acquisition cost of additions to property, plant, and equipment,
investments in airport operating projects, intangible assets, and
investment property
2023
2022
942.2
770.3
36.9
20.7
0.0
0.0
522.6
367.7
–
–
1,501.7
1,158.7
149
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Fraport Annual Report 2023
Group Notes / Notes to the Consolidation and Accounting Policies
137
Notes to the Consolidation and Accounting 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.
Fraport AG has prepared its consolidated financial statements as at December 31, 2023 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 2023 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 of Fraport AG prepared the consolidated financial statements as of December 31, 2023, submitted the
prepared consolidated financial statements to the audit committee and the Supervisory Board for review and approval and
released them for publication at its meeting on March 12, 2024.
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 com-
panies 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 inde-
pendent company; these are therefore joint ventures.
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Group Notes / Notes to the Consolidation and Accounting Policies
Fraport Annual Report 2023
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.
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 2023 fiscal year:
Companies included in consolidation
Fraport AG
Fully consolidated subsidiaries
December 31, 2022
Additions
Interim consolidation
Disposals
December 31, 2023
Companies accounted for using the equity method
Joint ventures
December 31, 2022
Additions
Interim consolidation
Disposals
December 31, 2023
Associated companies
December 31, 2022
Additions
Disposals
December 31, 2023
Companies consolidated including companies accounted for using the equity method on December 31, 2022
Companies consolidated including companies accounted for using the equity method on December 31, 2023
Germany Other countries
Total
1
25
0
–1
0
24
12
0
1
0
13
3
1
–1
3
41
41
0
30
2
0
0
32
4
0
0
0
4
1
0
0
1
35
37
1
55
2
–1
0
56
16
0
1
0
17
4
1
–1
4
76
78
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. As a result of this sale, the Dr. Sasse Group holds
a majority stake of 51% in FraSec Aviation Security GmbH. The company has been included in the consolidated financial state-
ments as of January 1, 2023 as a joint venture. The deconsolidation of the Group company and the recognition of the remaining
interest (49%) at fair value resulted in other operating income of €11.1 million. The company’s assets and liabilities as of December
31, 2022 accounted for in accordance with IFRS 5 were disposed of in this connection.
On June 6, 2023, the associated company FraScout GmbH was founded. FraSec Services GmbH holds 49% of the shares in the
company. The remaining 51% of the shares are held by Connect Holding GmbH. The objective of the company is the provision
of personnel services, in particular at and in airports.
In the context of the tender for the center management at Washington Dulles International Airport (IAD) and Ronald Reagan
Washington National Airport (DCA), Fraport USA founded the companies Fraport Washington LLC and Fraport Washington Part-
nership LLC in July 2023. After the successful conclusion of the tender process, the concession agreement with a term until March
31, 2034 was signed in October 2023. Operations were taken over on January 1, 2024.
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Fraport Annual Report 2023
Group Notes / Notes to the Consolidation and Accounting Policies
139
In addition, all shares in the associated company Airmail Center Frankfurt GmbH were sold with effect from June 30, 2023. The
transaction had a negative impact of €1.4 million on the Group result. The shares in Airmail Center Frankfurt GmbH were recog-
nized separately in the balance sheet as “Non-current assets held for sale” until the date of their disposal.
The incorporations and partial sales in the reporting year had no substantial effects on the Fraport consolidated financial state-
ments.
As at December 31, 2023, a total of 78 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. Due to the planned disposal as at December
31, 2023, the shares were reported under non-current assets held for sale in accordance with IFRS 5.
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.
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Group Notes / Notes to the Consolidation and Accounting Policies
Fraport Annual Report 2023
Disclosure of interests in subsidiaries
€ 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,
2023
December 31,
2022
December 31,
2023
December 31,
2022
December 31,
2023
December 31,
2022
December 31,
2023
December 31,
2022
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
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
35.00
941.7
197.0
872.4
124.1
142.2
49.8
35.00
970.0
249.0
1,024.1
70.2
124.7
43.6
35.00
940.1
186.7
932.3
90.8
103.7
36.3
35.00
984.5
244.7
1,081.0
70.1
78.1
27.3
19.99
1,564.8
144.3
856.6
214.0
638.5
127.7
19.99
1,176.2
87.6
256.7
555.2
451.9
90.4
40.00
158.2
25.8
62.5
20.9
100.6
40.2
40.00
154.2
25.5
63.9
15.9
99.9
40.0
2023
2022
2023
2022
2023
2022
2023
2022
305.0
153.6
51.5
0.0
0.0
51.5
18.0
114.8
–6.8
0.0
–6.8
–183.3
–75.3
169.2
–4.0
0.0
89.9
–11.9
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
240.2
114.1
25.7
0.0
0.0
25.7
9.0
77.2
–6.3
0.0
–6.3
–150.6
–79.7
166.1
8.0
0.0
94.4
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
792.0
109.2
32.1
7.9
–22.0
18.0
3.6
52.8
–528.7
–38.0
–490.7
495.5
19.6
53.3
0.0
–1.9
71.0
0.0
590.1
100.2
37.2
0.0
23.1
60.3
12.1
119.4
–360.1
–18.9
–341.2
249.1
8.4
42.4
0.0
2.5
53.3
0.0
51.2
20.6
5.8
0.0
0.0
5.8
2.3
25.3
–20.0
–4.4
–15.6
–5.0
0.3
21.4
0.0
0.0
21.7
–2.0
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
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.
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Fraport Annual Report 2023
Group Notes / Notes to the Consolidation and Accounting Policies
141
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
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.
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.
Loans, accounts receivable, and liabilities, contingencies and other contingent liabilities between companies included in the
consolidated 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,
economically, and organizationally independent. Foreign currency translation differences are included directly in equity without
affecting 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, 2023
Average exchange rate
2023
Exchange rate
December 31, 2022
Average exchange rate
2022
0.9028
0.0305
0.1268
0.1156
0.2445
1.0003
0.1861
0.9248
0.3882
0.1305
0.1181
0.2472
1.0808
0.1852
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
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.
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142
Group Notes / Notes to the Consolidation and Accounting Policies
Fraport Annual Report 2023
Measurement policies by financial position item
Financial position item
Measurement policy
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
Amortized costs
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 (Hessian Ministry of Economics, Energy, Transport and Housing) (see note 49), as well as from security services at
the Frankfurt site. With the take-over of the management of aviation security checks at the Frankfurt site at the beginning of the
2023 fiscal year, revenue from aviation security charges were also recognized for the first time under security services. 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 recog-
nized 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.
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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.
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
segments. 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.
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. Costs for ongoing, scheduled
maintenance measures in connection with maintaining the operational readiness of the operated infrastructure are recognized as
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current expenses for the period. Provisions for corresponding maintenance measures are recognized if the concession agree-
ments contain maintenance obligations that are specified in terms of amount.
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
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).
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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 own use, 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”).
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 com-
pany defines its own individual criteria for what constitutes the presence of qualifying assets. Borrowing costs include interest,
ancillary costs associated with debt capital 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
34 – 39
1 – 30
5 – 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.
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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 2024 to
2028 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 2035 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: 1.2%) 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) before taxes of between 9.0% and 15.2% (previous year: 8.3% to 20.4%).
The forecasts presented in the “Business Outlook” chapter of the management report are in line with the base scenario of the
planning and included in the impairment test calculations. The underlying planning also takes into account the costs of reducing
carbon emissions as outlined in the “decarbonization master plan” in the “Climate protection” chapter and the costs of implement-
ing the further climate protection measures presented. The passenger forecasts used in the planning take into account potential
effects of the climate policy. Therefore, due to the consequently increased expected CO2 price, higher ticket prices of 10% until
2035 and a resulting reduction in demand of 5% is assumed.
The overall economic development continues to be characterized by the geopolitical crises the economic consequences of which,
in particular the current inflation trend, are resulting in greater planning uncertainty. In order to account for these planning uncer-
tainties, 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. For the Slovenia cash-generating units, the increase in WACC results in an impairment requirement in the low
millions range. The impairment of the cash-generating units within the framework of the revenue scenarios can be further con-
firmed.
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. One of
the sensitivity analyses highlights the effects of a more drastic climate policy, which could lead to an increase of up to 16% in
ticket prices. This scenario takes into account a reduction in passenger demand of up to 8% compared to the base scenario due
to the higher prices.
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The individual cash flow scenarios were then discounted with different capital cost rates after taxes ranging from 5.6% to 6.6%.
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. The worst-case scenario describes the scenario of a more drastic climate policy
with a decline in passengers of up to 8% compared to the current forecast at unchanged planned fee increases. An adjustment in
the fee increase in accordance with the German Air Traffic Law (LuftVG), in turn results in there no longer being an impairment
requirement.
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 applies even with a reduced growth rate of the perpetual annuity of 0.5%. The adjust-
ment in the growth rate does not result in an impairment requirement.
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.BC86), 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, Fraport recognizes the
receivable in the amount of the net investment of 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.
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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. 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.
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. Changes in value are recognized in other comprehensive income; interest income,
remeasurements of currency translation gains and losses and impairment losses or reversals of impairment losses are recognized
in profit or loss; if there is a premature sale, gains or losses are recycled from equity to profit or loss.
For other investments, the FVOCI option is 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.
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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.
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
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.
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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 amortized costs. 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.
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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.
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 3.16% (previous year: 3.69%). 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
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 3.15% (previous year: 2.99%).
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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.
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 trans-
action 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.
Treasury shares
Repurchased treasury shares are deducted from the issued capital and the capital reserve.
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.
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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. Airport charges represent a significant portion of revenue and are directly
dependent on air traffic. Due to the impact of air traffic on the environment, the development of future air traffic and passenger
volumes is strongly dependent on decisions regarding climate policy. These risks are presented and assessed in the Risk and
Opportunities Report. The forecast effects of climate policy are reflected in corporate and Group planning. Further details in this
regard can be found in note 4 in the section “Impairment losses pursuant to IAS 36”.
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.
Trade accounts receivable
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.
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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).
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, 2023 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, 2023 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.
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.
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.
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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, 2023.
On May 18, 2017, the IASB adopted the new standard IFRS 17 “Insurance Contracts”, including the amendments of June 25,
2020. Further amendments (“First-time Adoption of IFRS 17 and IFRS 9 - Comparative Information”) were adopted by the IASB
on December 9, 2021. IFRS 17 replaces IFRS 4 “Insurance Contracts” and sets out new approaches for the presentation, recog-
nition and measurement of insurance contracts. IFRS 17 and its amendments were adopted under EU law on November 19, 2021
and September 8, 2022 respectively and must be applied to fiscal years starting on or after January 1, 2023. An earlier application
of the amendments is permitted. No such insurance contracts are held by the Fraport Group. There have consequently been no
effects on the representation of the asset, financial, and earnings position of the Fraport Group.
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 was permitted. The amendments to IAS 1 and IAS 8 did not 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 was permitted. The application of the amendments
to IAS 12 did not have a material impact on the reporting of the asset, financial, and earnings position of the Fraport Group.
On May 23, 2023, the IASB published amendments to “IAS 12: International Tax Reform: Pillar Two Model Rules”. The amend-
ments include a temporary, mandatory exemption from the recognition of deferred taxes resulting from the introduction of a global
minimum tax as well as specific disclosures in the notes for entities that are affected. In periods in which legislation to implement
the global minimum tax has been passed but has not yet come into force, disclosures must be made regarding the effects of the
Pillar Two regulations or an estimate of the resultant income taxes for the company. The amendments were endorsed in EU law
on November 8, 2023 and are mandatorily effective for fiscal years beginning on or after January 1, 2023. With regard to the
amendments to IAS 12 and the future effects of the introduction of a global minimum tax on the presentation of the asset, financial
and earnings position of the Fraport Group, see the section "Global minimum taxation" below.
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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
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 were adopted under EU law on November 21, 2023 and must be applied from January 1, 2024. Earlier application
is permitted. 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 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 are not expected to
have a material impact on the reporting of the asset, financial, and earnings position of the Fraport Group in future.
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. Among other things, the following disclosures must be made: Carrying amount of
the liability, type of covenant, and 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. 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.
The amendments to IAS 1 of January 23 and July 15, 2020 as well as October 31, 2022 were adopted into EU law on December
19, 2023 and must now be applied uniformly from no later than January 1, 2024.
Standards, interpretations, and amendments that have been published, but not yet adopted into European law by the
European Commission
On May 25, 2023, the IASB published amendments to IAS 7 “Statement of Cash Flows” and IFRS 7 “Financial Instruments:
Disclosures” with respect to additional disclosures on financing agreements with suppliers (reverse factoring transactions). The
new requirements make it mandatory to disclose the following information in the future: terms, conditions and subject matter of
the supplier financing agreements, the carrying amounts and balance sheet items of the resulting liabilities at the beginning and
end of the period, the range of payment terms and further information on the liquidity risk of the supplier financing agreements.
The amendments are mandatorily applicable for fiscal years from January 1, 2024. An earlier application is permitted, but this
requires EU endorsement. 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.
On August 15, 2023, the IASB published changes to IAS 21 “Impacts of exchange rate differences”. The amendment concerns
the determination of the exchange rate when a currency cannot be exchanged in the long term. The amended standard supple-
ments IAS 21 with the requirements for assessing whether a currency can be exchanged for another currency, the procedure for
determining an exchange rate and additional explanations on non-convertible currencies. The amendments to IAS 21 are to be
applied for the first time to fiscal years starting on or after January 1, 2025. An earlier application is permitted, but this requires
EU endorsement. 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.
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Global minimum taxation
The Fraport group falls into the area of application of the OECD Model Rules (global minimum taxation). The legislation on global
minimum taxation was promulgated in Germany, the country in which the ultimate parent company of the Fraport Group is domi-
ciled and will enter into effect for fiscal years starting after December 30, 2023. According to the legislation, the Fraport Group is
obligated to pay a supplementary tax for each country in which it maintains business units as defined in the legislation. The
supplementary tax is calculated by determining the effective tax rate and, if the determined effective tax rate is lower than the
minimum tax rate of 15%, the Fraport Group must pay the difference between the effective tax rate and the minimum tax rate.
Since the legislation had not entered into force in any jurisdiction in which Fraport maintains business units as defined in the
legislation at the time of reporting, there is no tax burden in this regard for the reporting period.
The Group has applied the temporary exemption from the accounting requirements for deferred taxes in IAS 12 published by the
IASB in May 2023. Accordingly, no deferred taxes are recognized in relation to the rules on global minimum taxation and no
related information is disclosed.
The Fraport Group is currently working on forecasting an estimate with regard to the impact of the global minimum tax on fiscal
year 2024 (first year of application of the legislation).
With regard to its activities in Bulgaria, a country in which the statutory tax rate is 10%, the Group does not expect significant
additional taxes to be incurred, partly due to the preliminary evaluations of the substance-based exemption regulations. Also with
regard to its other activities, the Group anticipates that the first-time application of the regulations on global minimum taxation will
not have a significant impact on the effective tax rate of the Group.
Due to the complexity involved in the application of the legislation and the resulting comprehensive additional data requirements,
it cannot be ruled out that the actual, effects could deviate significantly from the current estimates.
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Group Notes / Notes to the Consolidated Income Statement
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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
2023
2022
814.4
239.2
45.2
1,098.8
189.2
186.7
101.6
21.3
498.8
342.8
313.9
20.1
676.8
686.4
524.3
515.4
1,726.1
4,000.5
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
Due to the take-over of the management of aviation security checks at the Frankfurt site at the beginning of the 2023 fiscal year,
revenue from aviation security charges of €220.8 million was achieved for the first time. In contrast, revenue from security services
decreased by €155.3 million compared to the previous year as a result of the deconsolidation of the Group company FraSec
Aviation Security GmbH as at January 1, 2023. Both effects impacted revenue from security services. For a detailed explanation
of the revenue, see the combined management report, chapter “Group Results of Operations”.
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 €154.5 million (previous year: €127.8 million) was realized.
The underlying lease contracts in the Retail section for fiscal year 2023 contain contractually agreed minimum lease payments of
€40.1 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 37 years on average (previous year: 42 years).
The acquisition and production costs of the leased buildings and land amount to €535.4 million (previous year: €523.9 million).
Cumulative depreciation and amortization came to €396.8 million (previous year: €380.2 million), of which depreciation and amor-
tization amounted to €6.0 million for the fiscal year (previous year: €4.3 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 (€686.4 million; previous year: €594.6 million). Revenue
in the Non-Aviation section was €348.3 million (previous year: €288.1 million), resulting from retail and real estate activities as
well as parking. In addition, €95.9 million (previous year: €84.5 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
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159
of €515.4 million (previous year: €331.1 million) was attributed to Lima (€465.7 million; previous year: €312.1 million), Greece
(€36.9 million; previous year: €10.3 million) as well as Fortaleza and Porto Alegre (€12.8 million; previous year: €8.7 million).
Revenue in the amount of €4,000.5 million (previous year: €3,194.4 million) resulted from €2,771.1 million (previous year:
€2,236.2 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:
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
2023
Minimum lease payments
155.4
108.3
96.4
92.8
88.6
1,511.3
2,052.8
€ 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
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
2023
50.5
2022
39.9
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.
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7 Other Operating Income
Other operating income
€ million
Compensation claims in connection with Covid 19
Effects from the transitional consolidation of FraSec Aviation Security GmbH
Settlement Agreement Fraport USA
Income from compensation payments
Gains from disposal of non-current assets
Releases of allowances
Releases of special items for investment grants
Net income from the sale of investments in companies accounted for using the equity method
Change in work-in-process
Others
Total
2023
2022
18.6
11.1
11.0
2.0
1.4
1.0
0.5
0.0
0.0
13.4
59.0
49.2
0.0
0.0
1.1
0.4
2.0
0.5
72.3
0.1
13.7
139.3
In fiscal year 2023, both Brazilian Group companies again realized compensation claims in connection with the coronavirus
pandemic amounting to €18.6 million. In addition, other operating income included effects from the transitional consolidation of
the Group company FraSec Aviation Security GmbH and the recognition of the remaining shares (49%) at a fair value totaling
€11.1 million. Furthermore, income of €11.0 million was realized with the settlement of a legal dispute at the Group company
Fraport USA.
The previous year was predominantly impacted by the sale of all shares in the associated company Xi’an and in the joint venture
D-Port Logistik GmbH. A net income of €53.7 million (Xi’an) and €18.6 million (D-Port Logistik GmbH) resulted from the transac-
tions. In addition, in fiscal year 2022, the compensation claims in connection with the coronavirus pandemic were included in other
operating income at Fraport Greece (€23.6 million) and the Brazilian Group companies (€18.5 million).
8 Cost of Materials
Cost of materials
€ million
Cost of purchased services
Cost of construction and expansion services (IFRIC 12)
Cost of raw materials, consumables, supplies, and real estate inventories
Total
2023
2022
–1,038.4
–515.4
–83.5
–1,637.3
–691.8
–331.1
–78.7
–1,101.6
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 €245.7 million (previous year: €183.1 million). The costs for construction and
expansion services amounted to €515.4 million (previous year: € 331.1 million).
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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
2023
2022
–881.1
–162.5
–32.4
–842.8
–164.1
–29.8
–1,076.0
–1,036.7
2023
2022
16,789
1,051
17,840
18,052
798
18,850
Additions to pension provisions and additions to obligations arising from time-account models are included in personnel expenses.
In the previous year, the contributions for short-time work schedules resulted in a reduction in personnel expenses of €1.9 million.
Of this amount, €0.5 million was attributable to social security contributions to be reimbursed.
10 Depreciation and Amortization
Depreciation and amortization
€ million
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
2023
2022
0.0
0.0
–130.6
–113.5
–14.0
0.0
–355.7
0.0
–0.9
–501.2
–17.4
–3.4
–326.7
–3.4
–0.9
–465.3
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 €11.7 million year on year (previous year: €7.4 million) and increased depreciation and amortization of
€25.7 million (previous year: €2.1 million).
Non-regular depreciation and amortization
Non-regular depreciation and amortization in the previous year relate to the Group company Fraport USA.
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Group Notes / Notes to the Consolidated Income Statement
Fraport Annual Report 2023
11 Other Operating Expenses
Other operating expenses
€ million
Insurances
Consulting, legal, and auditing expenses
Costs for advertising
Rental and lease expenses
Other taxes
Indemnities
Write-downs of trade accounts receivable
Losses from disposal of non-current assets
Others
Total
2023
–35.7
–27.3
–17.7
–14.5
–12.0
–6.0
–5.3
–3.3
–70.9
–192.7
2022
–32.9
–26.0
–14.4
–12.4
–9.4
–34.4
–6.3
–1.8
–67.9
–205.5
The rental and lease expenses result from existing rental and lease contracts for operating and office equipment, technical equip-
ment 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 relate to other administrative expenses (for example for travel and training costs
as well as representation costs,) as well as contributions and fees.
The consulting, legal, and audit expenses include Group auditor fees (disclosed in accordance with Section 314 (1) no. 9 HGB)
amounting to €1.6 million (previous year: €2.1 million). They are comprised as follows:
Group auditor fees
€ million
Audit services
Other certification services
Tax audit services
Other benefits
Total
Fraport AG
2023
Consolidated
companies
Fraport AG
2022
Consolidated
companies
1.2
0.1
0.0
0.0
1.3
0.3
0.0
0.0
0.0
0.3
1.4
0.4
0.0
0.0
1.8
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
2023
2022
100.9
–317.9
53.0
–313.5
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.
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
2023
2022
94.7
–307.4
33.8
–304.9
Interest income from financial instruments include €22.3 million (previous year: €2.8 million) in income from financial instruments
recognized at fair value. Interest expenses do not include any expenses from financial instruments measured at fair value
through other comprehensive income.
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Group Notes / Notes to the Consolidated Income Statement
163
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
2023
85.9
–1.4
84.5
2022
58.9
18.1
77.0
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 +€81.8 million (previous year: +€59.8 million), as well as the expenses
from a contractually agreed tax settlement payment from Fraport AG to FAR of -€12.6 million (previous year: -€8.9 million). In the
2022 financial year, the result from associated companies includes the write-up of the impairment loss of shares in Xi’an recog-
nized in previous years of €20.0 million (see note 2).
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
2023
2022
1.4
12.5
1.1
0.6
15.6
–1.4
–12.1
–16.5
0.0
–2.0
–32.0
–16.4
4.1
3.1
11.8
5.7
24.7
–0.9
–3.1
–0.2
–163.3
–4.3
–171.8
–147.1
Other income of the previous year included in the financial result is primarily the fair value measurement of the minority share-
holder’s option to purchase further shares in the companies Fraport Regional Airports of Greece of €4.7 million, which was meas-
ured until the option was exercised in 2022. Expenses from the valuation of derivatives result in the amount of €8.2 million from
the margin of the interest rate swap concluded in the fiscal year by the company Lima Airport Partners.
15 Taxes on Income
Income tax expense breaks down as follows:
Taxes on income
€ million
Current taxes on income
Deferred taxes on income
Total
2023
–65.9
–57.5
–123.4
2022
–22.7
–44.6
–67.3
Current income tax expense consists of current taxes on income for the year under review (€57.9 million, previous year:
€21.9 million) and taxes on income for previous years (€8.1 million, previous year: €0.8 million).
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Group Notes / Notes to the Consolidated Income Statement
Fraport Annual Report 2023
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 32%, which includes trade tax, is applied.
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, 2023, based on current information, the Fraport Group in Germany 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: €5.4 million
related to trade taxes and €0.3 million to corporation taxes). The loss carryforwards that are not expected to be utilized result from
Fraport 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 €443.6 million (corporation taxes; previous year: €618.4 million)
and €565.9 million (trade taxes; previous year: €715.3 million) as well as utilizable losses carried forward aboard of €139.7 million
(previous year: €97.1 million).
For temporary differences in connection with shares in subsidiaries amounting to €760.0 million (previous year: €726.6 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 1.59% 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.
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:
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Group Notes / Notes to the Consolidated Income Statement
165
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
2023
Deferred tax
liabilities
Deferred tax
assets
2022
Deferred tax
liabilities
21.9
1.5
2.8
7.5
2.2
5.3
30.9
228.7
9.9
206.6
517.3
–418.5
3.5
102.3
–121.0
–13.1
–284.4
0.0
–30.4
0.0
–2.8
–0.1
–2.1
0.0
–453.9
418.5
–16.8
–52.1
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
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-decreasing deferred taxes of €11.3 million (previous year: equity-increasing deferred taxes of
€18.2 million) 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-increasing deferred taxes resulted primarily from the revaluation of defined benefit
plans to the value of €0.8 million (previous year: equity-decreasing deferred taxes to the value of €3.4 million).
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
Recognition of previously unrecognised deferred tax assets on loss carryforwards
Non-utilizable tax losses carried forward
Trade effects and other effects from local taxes
Prior-period taxes
Others
Taxes on income according to the income statement
1) Expected tax rate around 32%, for corporation tax 15.0% plus solidarity surcharge 5.5 % and trade tax of around 15.9 %.
The consolidated tax rate for the 2023 fiscal year is 22.3% (previous year: 28.8%).
2023
553.9
–175.8
16.6
12.4
–7.4
–3.9
–4.5
31.0
26.7
0.0
–5.5
–12.0
–1.0
–123.4
2022
233.9
–72.5
5.6
8.8
–6.4
–0.8
–0.9
49.5
0.0
–48.1
–3.9
–0.3
1.7
–67.3
178
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166
Group Notes / Notes to the Consolidated Income Statement
Fraport Annual Report 2023
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
2023
diluted
basic
2022
diluted
393.2
92,391,339
4.26
393.2
92,391,339
4.26
132.4
92,391,339
1.43
132.4
92,529,395
1.43
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 2023 fiscal year, the basic or diluted earnings per €10 share amounted to €4.26.
In the previous year, the rights to purchase shares acquired by employees under the employee share program (MAP) (authorized
capital) resulted 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 of the 2022 financial year.
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,
2023
Carrying amount
December 31,
2022
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, 2023:
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
10.3 %
–
3.7 %
2024 to 2053
*The forecast period up to and including 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 2028 to 2053. Over the entire forecast period, the average revenue growth is 4.5%.
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Group Notes / Notes to the Consolidated Income Statement
167
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.
A variation in the discount rate of +0.5 percent points results in a need for impairment of goodwill in the amount of €4.7 million,
while an adjustment of the growth forecasts by -0.5 percentage points does not result in a need for impairment.
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, 2023
December 31, 2022
Investments in airport operating projects
4,146.8
3,769.1
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 €1,790.8 million
(previous year: €1,845.0 million) as well as capital expenditure of €2,304.7 million (previous year: €1,870.9 million) and prepay-
ments of €51.3 million (previous year: €53.2 million). They relate to terminal operation at the concession airports in Greece at
€1,864.9 million (previous year: €1,933.0 million), Lima at €1,522.2 million (previous year: €1,094.9 million), Fortaleza and
Porto Alegre at €611.2 million (previous year: €595.9 million), as well as Varna and Burgas at €148.5 million (previous year:
€145.3 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 €31.5 million (previous year: €35.8 million), of which €0.8 million (previous year: €7.6 million) were capitalized.
Interest rates on loans range from 6.1% and 11.7%. 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 €0.4 million
(previous year: €1.2 million).
As part of the expansion at Lima Airport, loans amounting to €659.0 million were raised as part of specific financing and in this
context borrowing costs of €28.6 million (previous year: €10.5 million) were capitalized. The loan will accumulate interest at an
interest rate of 7.65%.
19 Other Intangible Assets
Other intangible assets
€ million
Other concession and operator rights
Software and other intangible assets
Total
December 31, 2023
December 31, 2022
49.3
47.7
97.0
50.9
45.0
95.9
The other concession and operator rights include in particular the right derived from an existing, long-term land use contract to
operate the airport in Ljubljana (€49.2 million, previous year: €50.9 million) with a remaining term of 30 years (previous year:
31 years).
The other intangible assets as at the reporting date contain internally generated intangible assets with residual carrying amounts
of €7.2 million (previous year: €7.7 million). At closing date further €2.9 million (previous year: €2.3 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 25 years. Depreciation and amortization in the fiscal year amounted to €1.6 million (previous year:
€1.6 million).
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Group Notes / Notes to the Consolidated Income Statement
Fraport-Annual Report 2023
20 Property, Plant, and Equipment
Property, Plant, and Equipment
€ million
December 31, 2023
December 31, 2022
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
3,131.9
1,518.1
193.5
3,949.7
158.3
8,951.5
3,172.3
1,534.5
179.3
3,294.1
191.6
8,371.8
Additions in the 2023 fiscal year amounted to €955.8 million (previous year: €779.8 million). Of this, €706.9 million (previous year:
€593.7 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 €34.7 million (previous year: €21.5 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 1.9% (previous year: around 1.5%). In
addition, specific project financing has been concluded for measures related to the construction of Terminal 3. In total, borrowing
costs of €6.8 million (previous year: €4.3 million) were capitalized in the financial year. The average financing cost rate was around
1.2% (previous year: around 0.6%).
As at the balance sheet date, property, plant, and equipment with a carrying amount totaling €0.2 million (previous year:
€0.1 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 €3,022.5 million (previous year: €3,060.1 million). As at the balance sheet date of 2023, 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
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
2023
158.3
174.2
8.6
71.7
26.5
7.2
96.8
0.0
2022
191.6
208.9
0.2
69.3
21.1
8.5
85.3
0.6
Right-of-use assets as at the balance sheet date amounted to €121.5 million (previous year: €152.0 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.
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Group Notes / Notes to the Consolidated Income Statement
169
In fiscal year 2023, Fraport USA was successful in the tender process for the center management at Washington Dulles Interna-
tional Airport (IAD) and Ronald Reagan Washington National Airport (DCA). Operations were taken over on January 1, 2024. Due
to the variable lease payments, the new contract does not result in the recognition of a right-of-use asset or a lease liability. The
variable rental payments due are recognized on an accrual basis as cost of materials. With a term until March 31, 2034, this is
the longest running contract at Fraport USA.
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 €224.8 million.
A maturity analysis of the lease liabilities is shown in note 47.
In the Fraport Group, income of €3.2 million from the application of the relief provisions to IFRS 16.46 adopted on May 28, 2020
was realized in the previous year (rental concessions in connection with the Covid-19 pandemic).
Investment Property
21
Investment property includes land and buildings situated in direct vicinity to Frankfurt Airport, which are classified as follows:
Investment property
€ million
Undeveloped land – Level 2
Undeveloped land – Level 3
Developed land – Level 3
Total
Carrying amount
December 31, 2023
Carrying amount
December 31, 2022
Fair value
December 31, 2023
Fair value
December 31, 2022
3.1
8.7
57.7
69.5
3.1
7.4
58.6
69.1
2.6
16.1
86.9
105.6
2.6
14.8
82.6
100.0
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
comparative 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 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.
182
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170
Group Notes / Notes to the Consolidated Income Statement
Fraport-Annual Report 2023
Net lease revenue from investment property during the 2023 fiscal year amounted to €7.4 million (previous year: €6.1 million).
The total costs incurred for the maintenance of investment property amounted to €2.3 million (previous year: €1.0 million), classi-
fied 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, no obligations exist for the acquisition of investment property (previous year: €0.1 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 relates to both companies in connection with the operating concession at Antalya Airport.
Shares in joint ventures
Fraport TAV Antalya Terminal Isletmeciligi Anonim Sirketi, Antalya/Turkey (“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. In
a letter dated February 12, 2021, the Turkish government approved the extension of the concession period for terminal operations
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, Turkey, (“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. Financing of around
€ 1.9 billion has been raised to date for the advance payment and the expansion investments of around € 765.3 million. The
interim financing has a term until March 2024. The discussions on the conclusion of follow-up financing and on increasing the
financing volume are already at an advance stage.
183
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Group Notes / Notes to the Consolidated Income Statement
171
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
Results data
€ million
Revenue
EBITDA
Regular depreciation and amortization
Interest income
Interest expenses
Currency translation differences
Taxes on income
Result after taxes
Other result
Comprehensive income
December 31, 2023
Antalya I
December 31, 2022
December 31, 2023
Antalya II
December 31, 2022
401.7
221.5
214.7
6.8
153.9
122.2
31.7
219.8
156.0
63.8
114.3
57.1
16.9
74.0
2023
467.7
371.6
–116.3
2.5
–36.0
–9.0
–49.1
163.7
0.3
164.0
504.2
467.4
449.9
17.5
290.2
184.6
105.6
214.2
152.3
61.9
112.8
56.4
16.9
73.3
2022
396.6
323.0
–114.7
2.7
–34.6
–11.6
–45.2
119.6
–0.1
119.5
5,057.9
2,459.3
2,459.3
0.0
72.8
51.7
21.1
1,933.3
1,881.5
51.8
738.1
369.1
0.0
369.1
2023
465.4
–8.5
0.0
2.4
–8.8
–0.3
25.4
10.2
0.0
10.2
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
2022
101.5
–7.5
0.0
0.3
–4.8
0.0
–10.6
–22.6
0.0
–22.6
Total
2022
68.9
58.9
–0.1
58.8
–17.8
1.9
377.3
489.1
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/Capital increases
Investment carrying amount as at
December 31 (Fraport share)
Antalya I
Antalya II
Other joint ventures
2023
2022
2023
2022
2023
2022
2023
73.3
81.8
0.3
82.1
–81.4
0.0
0.0
74.0
27.4
59.8
–0.1
59.7
–13.8
0.0
0.0
73.3
364.0
5.1
0.0
5.1
0.0
0.0
0.0
369.1
0.0
–11.3
0.0
–11.3
0.0
0.0
375.3
364.0
51.8
–1.0
0.2
–0.8
–8.6
12.6
19.9
74.9
41.5
10.4
0.0
10.4
–4.0
1.9
2.0
51.8
489.1
85.9
0.5
86.4
–90.0
12.6
19.9
518.0
There are no further significant restrictions pursuant to IFRS 12.
184
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Group Notes / Notes to the Consolidated Income Statement
Fraport-Annual Report 2023
Investments in associated companies
The associated companies are Thalita Trading Ltd., ASG Airport Service Gesellschaft mbH, the newly founded FraScout GmbH
(see note 2) and operational services GmbH & Co.KG.
The cumulated total amount of the non-recognized pro rata losses of the associated companies amounted to €6.4 million as of
December 31, 2023 (previous year: €4.7 million) and the corresponding losses of the reporting period amounted to €1.7 million
(previous year: €1.6 million).
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 holds 25.0% of the shares in Thalita
Trading Ltd.
Based on a decree by the President of the Russian Federation of November 30, 2023 as well as a regulation by the Russian
government of December 1, 2023, the Russian company “Holding VVSS Limited Liability Company” (in English: NCG Holding
Limited Liability Company), St. Petersburg was found with its entry in the Russian commercial register on December 18, 2023.
The company’s share capital amounts to €1,691 million. In accordance with the decree and the regulation, all the shares in the
operating company of the Pulkovo Airport, Northern Capital Gateway LLC (“NCG”), are deemed as held by VVSS. From a Russian
perspective, Thalita is therefore no longer shareholder of NCG. Until that time, Thalita held 100% of the shares in NCG. The
management and group of shareholders remain unaffected by the decree. The shareholders of VVSS are the former shareholders
of Thalita by entry in the Russian commercial register. Accordingly, Fraport holds 25% of the shares in VVSS. The voting rights
associated with the capital shares have been temporarily transferred to two trustees. However, no end date has been stipulated.
In accordance with the regulation, the respective share in VVSS is deemed as acquired by the shareholders from the date of entry
of VVSS in the Russian commercial register and the shareholders’ initial contribution is deemed as paid to VVSS in the nominal
amount of their respective share.
The shares in VVSS were not recognized as an asset in the Fraport consolidated statement of financial position as Fraport has
no control over the shareholder rights associated with the capital shares. Since Fraport became a shareholder of the company
under Russian law, the shares held by Fraport AG (note 57) are recognized under other investments.
Significant resolutions and decisions on Thalita Ltd. can only continue to be made on the basis of the company statutes, which
continue to be valid, and shareholder rights. As a result, the company continues to be recognized as an associated company in
the consolidated financial statements. Due to cumulative losses in the past, the carrying amount of the investment is “zero”.
In connection with the financing of the Pulkovo operating project, there is a loan receivable recognized as a loan (see note 23)
and an interest receivable (see note 24) of the Fraport Group from Thalita Trading Ltd. As at June 30, 2022, the receivables were
fully written off in the amount of €163.3 million as cash flows (interest payments and loan repayments) are no longer expected
due to the sanctions situation. This assessment remains valid due to the unchanged sanctions situation and the development
described above at the end of 2023.
There are no significant restrictions pursuant to IFRS 12.
185
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173
23 Other Financial Assets
Other financial assets
€ million
Remaining term
Total
Remaining term
Total
up to 1 year
over 1 year
December 31,
2023
up to 1 year
over 1 year
December 31,
2022
Financial instruments
Securities
Other investments
Loans
Loans to joint ventures
Loans to associated companies
Other loans
Insolvency-secured funds
Total
748.0
0.0
6.2
0.0
95.0
0.0
849.2
559.7
117.9
40.5
0.1
230.3
4.6
953.1
1,307.7
117.9
46.7
0.1
325.3
4.6
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
1,802.3
269.7
1,173.4
1,443.1
In the year under review, investments in securities amounted to €717.5 million (previous year: €619.9 million), which partly were
already disposed during the year. Other changes resulted from reclassifications to current other financial assets due to securities
of €364.1 million maturing in 2024 (previous year: €155.8 million) and changes arising from valuation of +€31.8 million (previous
year: –€64.7 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 2023 fiscal year, the fund units have increased by €5.7 million
(previous year: €6.1 million). As at the reporting date, acquisition costs amounted to €74.3 million (previous year: €68.6 million).
These securities are measured at fair value and credited against the corresponding obligations of €69.0 million (previous year:
€66.3 million) (see also note 40). At year-end, there was an overfunding from fund units of €4.6 million (previous year: underfund-
ing of €1.4 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 previous year (total amount: €163.3 million) (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,
2023
Remaining Term
over 1 year
Total
December 31,
2022
Accounts receivable from joint ventures
Accounts receivable from associated companies
Accounts receivable from other investments
Other financial assets
Total
up to 1 year
13.6
0.0
0.0
98.6
112.2
2.3
0.0
0.0
97.9
100.2
15.9
0.0
0.0
196.5
212.4
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
Other financial assets include, in particular, compensation claims recognized in connection with the coronavirus pandemic as well
as accrued interest from overnight and term deposits.
186
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174
Group Notes / Notes to the Consolidated Income Statement
Fraport-Annual Report 2023
25 Non-current and Current non-financial Other Receivables and Assets
Non-current and current other non-financial receivables and assets
€ million
Remaining term
Total
Remaining Term
Total
up to 1 year
over 1 year
December 31,
2023
up to 1 year
over 1 year
December 31,
2022
Accruals
Refunds from
“Passive noise abatement/wake turbulences”
Other non-financial assets
Total
18.5
5.3
100.0
123.8
22.0
33.1
40.3
95.4
40.5
38.4
140.3
219.2
10.6
8.8
64.7
84.1
23.4
38.0
68.0
129.4
34.0
46.8
132.7
213.5
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 rein-
forcement measures (wake turbulences). The value was determined at the present value of the estimated expenses for reimburs-
ing 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, 2023
Receipts
Disposals
Reclassification
Interest effect December 31, 2023
Refunds from
“Passive noise abatement/
wake turbulences”
46.8
10.7
–0.6
0.0
1.7
38.4
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.
Other non-financial assets include, in particular, receivables from other taxes.
Income Tax Receivables
26
Income tax receivables
€ million
up to 1 year
Remaining term
Total
over 1 year December 31, 2023
up to 1 year
Remaining term
Total
over 1 year December 31, 2022
Income tax receivables
42.5
0.0
42.5
33.3
0.0
33.3
Income tax receivables as at December 31, 2023 primarily comprised refund claims from the current year or previous years.
187
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175
27 Deferred Tax Assets
Deferred tax assets
€ million
Deferred tax assets
December 31, 2023
December 31, 2022
102.3
159.5
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, 2023
December 31, 2022
24.3
0.5
3.2
28.0
21.5
0.5
3.5
25.5
Raw materials, consumables, and supplies mainly relate to consumables for the airport operation.
29 Trade Accounts Receivable
Trade accounts receivable
€ million
From third parties
December 31, 2023
December 31, 2022
271.5
177.1
For 2023, as at the reporting date, the maximum default risk without taking securities into account equaled the carrying amount
of €271.5 million (previous year: €177.1 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, 2023
December 31, 2022
271.5
177.1
185.7
107.3
56.0
37.7
15.4
10.9
14.4
21.2
As at December 31, 2023, 25% (previous year: 18%) of outstanding accounts receivable were due from one customers.
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.
The collateral received consists mainly of bank guarantees. In addition, commercial credit insurance is taken out for airlines
wherever possible. Collateral is taken into account for allowance to be made.
188
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Group Notes / Notes to the Consolidated Income Statement
Fraport-Annual Report 2023
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
2023
22.5
5.3
1.3
–0.4
0.0
–1.1
–0.2
27.4
2022
20.2
6.3
0.0
0.0
–3.1
–0.1
–0.8
22.5
30 Cash and Cash Equivalents
Cash and cash equivalents
€ million
December 31, 2023
December 31, 2022
Cash in hand, bank balances, and checks
2,410.5
2,585.2
The bank balances mainly include short-term time deposits as well as overnight deposits. The time deposits 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, €126.2 million
of bank balances were subject to a drawing restriction (previous year: €139.3 million).
The reconciliation of cash and cash equivalents in the balance sheet to cash and cash equivalents in the cash flow statement can
be found in note 43.
31 Equity Attributable to Shareholders of Fraport AG
Equity attributable to shareholders of Fraport AG
€ million
Issued capital
Capital reserve
Revenue reserves
Total
December 31, 2023
December 31, 2022
923.9
598.5
2,796.3
4,318.7
923.9
598.5
2,387.0
3,909.4
Issued capital
Issued capital (less treasury shares) is fully paid up as at the balance sheet date.
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. Each share grants one vote and is entitled to dividends.
189
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Group Notes / Notes to the Consolidated Income Statement
177
Development of floating and treasury shares pursuant to Section 160 of the AktG
As at January 1, 2023
Employee investment plan
Capital increase
As at December 31, 2023
As at January 1, 2022
Employee investment plan
Capital increase
As at December 31, 2022
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 2023 under the employee investment plan had been purchased on the market. The
shares were issued at a price of €44.39.
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 author-
ization, meaning there was no longer any authorized capital after the authorization expired on December 31, 2022.
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.
190
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178
Group Notes / Notes to the Consolidated Income Statement
Fraport-Annual Report 2023
The Executive Board has not made use of the authorization for a contingent capital increase. As in the previous year, the contin-
gent capital amounted to € 120.2 million as at December 31, 2023.
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 €6.3 million as at the balance sheet date (previous year: –€8.0 million). The reserve for the
equity and debt instruments measured at fair value totals €56.8 million (previous year: €48.4 million).
Pursuant to Section 253 (6) sentence 1 of the HGB and in accordance with Section 268 (8) of the HGB, a total of €299.3 million
of the shareholders’ equity attributable to Fraport AG’s shareholders (previous year: €344.9 million) is subject to a distribution
block. However, the distribution block did not take effect insofar as sufficient free reserves were available.
For the past financial year, it is proposed that the net profits be transferred to other revenue reserves.
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, 2023
December 31, 2022
236.3
37.3
273.6
188.3
34.2
222.5
Non-controlling interests related to allocated shareholders’ equity and earnings of Fraport Twin Star Airport Management AD,
FraCareServices 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,
2023
up to 1 year
Remaining term
over 1 year
Total
December 31,
2022
Financial liabilities
1,521.4
10,232.5
11,753.9
1,209.6
9,716.0
10,925.6
In the course of the year, promissory note loans in the amount of €1,167.7 million (previous year: €539.4 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.
191
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Fraport Annual Report 2023
Group Notes / Notes to the Consolidated Income Statement
179
34 Trade Accounts Payable
Trade accounts payable
€ million
up to 1 year
Remaining term
over 1 year
Total
December 31,
2023
up to 1 year
Remaining term
over 1 year
Total
December 31,
2022
To third parties
430.8
78.6
509.4
444.4
62.3
506.7
Trade accounts payable include liabilities in connection with compensation measures in connection with nature protection law in
the amount of €11.9 million (previous year: €13.7 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,
2023
up to 1 year
Remaining term
over 1 year
Total
December 31,
2022
To joint ventures
To associated companies
To investments
Liabilities in connection with concession obligations
Lease liabilities
Negative fair values of derivative financial instruments
Other liabilities
11.2
2.5
0.4
49.2
41.3
–
46.3
0.0
0.0
–
939.7
132.9
0.5
17.1
11.2
2.5
0.4
988.9
174.2
0.5
63.4
37.4
2.5
–
52.4
44.4
–
53.6
0.0
0.0
–
911.5
164.5
0.7
21.4
37.4
2.5
–
963.9
208.9
0.7
75.0
Total
150.9
1,090.2
1,241.1
190.3
1,098.1
1,288.4
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,
2023
up to 1 year
Remaining term
over 1 year
Total
December 31,
2022
Prepayment for orders
Investment grants for non-current assets
Other accruals
Other non-financial liabilities
Total
3.0
0.5
30.8
186.5
220.8
–
7.1
42.9
12.9
62.9
3.0
7.6
73.7
199.4
283.7
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
The remaining non-financial other liabilities consist in particular of accrued expenses, liabilities from wage and church taxes as
well as other taxes and personnel-related liabilities.
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Group Notes / Notes to the Consolidated Income Statement
Fraport-Annual Report 2023
37 Deferred Tax Liabilities
Deferred tax liabilities
€ million
Deferred tax liabilities
December 31, 2023
December 31, 2022
52.1
41.3
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 19 (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 €23.5 million (previous year: €24.0 million), of which €1.1 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, €0.0 million (previous year: €0.04 million)
were paid in the reinsurance in fiscal year 2023 through deferred compensation. The average weighted term of the members of
the Executive Board’s defined benefit plans is 10.5 years (previous year: 12.2 years) for pensions with reinsurance and 9.2 years
(previous year: 6.9 years) for pensions without reinsurance.
The Executive Board members are entitled to pension benefits and provision for surviving dependents. An Executive Board mem-
ber 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, 2023, Dr. Schulte is entitled to a retirement pension of 75% and thus the maximum and Prof. Dr. Zieschang
a claim of 62% 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.
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For Executive Board members appointed from 2012 onwards, the pension benefits, provision for surviving dependents, and
provision 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
dependents 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
Managers 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
194
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Group Notes / Notes to the Consolidated Income Statement
Fraport-Annual Report 2023
December 31, 1997, effective as at the time of the change in status. There were 718 benefits (of which 691 vested) as at the end
of the year. The present value of the non-vested benefits amounted to €0.0 million (previous year: €0.0 million); the present value
of the vested benefits amounted to €13.2 million in the 2023 annual financial statements (previous year: €12.5 million). Future
obligations amount to €8.4 million for active employees and €4.8 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 7.2 years (previous year: 8.0 years).
Furthermore, the opportunity to participate in an employee-financed company pension scheme (“deferred compensation”) exists.
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 €8.2 million (previous year: €7.4 million). Obligations amount to €5.0 million for active employees
(previous year: €6.0 million); obligations amount to €3.2 million for former and retired employees (previous year: €1.5 million). The
average weighted term of the employee-financed company pension scheme was 6.3 years (previous year: 7.0 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, 2023 were
calculated on the basis of actuarial opinions. Changes to the obligations outlined above were as follows:
Pension obligations (2023)
€ million
As at January 1, 2023
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, 2023
Present value of the
obligation
Plan assets
Total
55.7
–24.0
31.7
1.7
0.0
0.0
1.7
1.8
0.0
0.0
–0.2
2.5
2.3
0.0
0.8
0.0
–2.9
0.0
59.4
0.0
0.0
0.0
0.0
–0.8
–0.1
0.0
0.0
0.0
–0.1
0.0
0.0
0.0
1.3
0.0
–23.6
1.7
0.0
0.0
1.7
1.0
–0.1
0.0
–0.2
2.5
2.2
0.0
0.8
0.0
–1.6
0.0
35.8
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183
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
Offsetting
Pension obligations are offset against the plan assets reserved for insolvency insurance below:
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
2023
2022
23.9
–23.6
0.3
35.5
35.8
25.2
–24.0
1.2
30.5
31.7
2022
2023
Salary trend
Interest rate
Pension growth
Mortality
Retirement age
2.25%
3.16%
2.25 %/2.25 % one time 2.0%
Mortality tables 2018 G of
Prof. Dr. Heubeck
Termination of contract period, earliest
pensionable age in pension commitments
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
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:
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Group Notes / Notes to the Consolidated Income Statement
Fraport-Annual Report 2023
Sensitivity analysis (December 31, 2023)
€ million
Interest rate
Pension growth
Mortality
Retirement age 1)
2023
Decrease in interest rate by 0.5%
2.5
Increase in interest rate by 0.5%
-2.3
Decrease in pension growth by 0.25%
-0.7
Increase in pension growth by 0.25%
0.7
Reduction by one year
0.0
Increase by one year
1.3
1) The obligation would increase by €1.3 million for all beneficiaries as a result of a one-year increase in the retirement age.
Sensitivity analysis (December 31, 2022)
€ million
Interest rate
Pension growth
Mortality
Retirement age 1)
2022
Decrease in interest rate by 0.5%
3.6
Decrease in pension growth by 0.25%
0.0
Increase in interest rate by 0.5%
–1,7
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.
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 €393.9 million.
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
information to participating companies that would allow the allocation of obligations, plan assets, service costs, and, if applicable,
over- or underfunding or the extent of Fraport’s participation in the plan. In the consolidated financial statements of Fraport, the
consideration 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
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185
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, €24.3 million (previous year: €22.0 million) was recorded as contributions to defined contribution plans for ZVK.
Contributions in the amount of €32.4 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 €69.8 million (previous year: €71.6 million).
39 Non-current and Current Income Tax Provisions
Non-current and current income tax provisions
€ million
Remaining term
Total
Remaining term
Total
up to 1 year
over 1 year
December 31,
2023
up to 1 year
over 1 year
December 31,
2022
Provisions for taxes on income
73.3
47.3
120.6
24.7
77.0
101.7
Tax provisions amounting to €120.6 million (previous year: €101.7 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, 2023
116.7
45.4
71.3
Use
–58.3
Release
Additions
December 31, 2023
–5.7
66.0
118.7
34.7
84.0
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 distri-
bution 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, 2023
Use
Release
Additions
Interest effect
December 31, 2023
36.1
1.8
11.1
20.1
149.7
218.8
90.9
127.9
–1.7
–1.4
–0.2
–1.7
–57.5
–62.5
0.0
0.0
0.0
0.0
–4.8
–4.8
1.9
0.2
0.7
0.3
24.7
27.8
2.7
0.1
0.8
0.5
0.0
4.1
39.0
0.7
12.4
19.2
112.1
183.4
84.2
99.2
Other provisions
€ million
Environment
Passive noise abatement
Nature protection law com-
pensation
Wake turbulences
Others
Total
thereof non-current
thereof current
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Group Notes / Notes to the Consolidated Income Statement
Fraport-Annual Report 2023
Environmental provisions have been formed largely for probable restructuring costs for the elimination of groundwater
contamination 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, 2023, estimated cash outflows (present value) amounted to €1.9 million within one year
(previous year: €1.9 million), €8.5 million after one to five years (previous year: €9.1 million), and €27.7 million after five years
(previous year: €24.2 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, 2023 in the amount
of €0.7 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 abate-
ment 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.
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, 2023, estimated cash outflows
(present value) amounted to €0.3 million within one year (previous year: €0.1 million), €3.4 million after one to five years (previous
year: €3.4 million), and €8.7 million after five years (previous year: €7.6 million). In the fiscal year, there was a reassessment of
the expected cash outflows that led to an adjustment of €0.7 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, 2023, estimated cash outflows (present value)
amounted to €4.1 million within one year (previous year: €3.7 million), €10.2 million after one to five years (previous year:
€10.0 million), and €4.9 million after five years (previous year: €6.4 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 €28.4 million (previous year: €62.0 million), which in the
2023 fiscal year include revenue-decreasing additions of €16.7 million, provisions for possible claims settlements in connection
with the strong recovery in traffic and passenger numbers in the fiscal year of €36.3 million (previous year: €36.9 million), provi-
sions for interest related to expected back tax payments of €7.0 million (previous year: €7.3 million), provisions for development
measures still to be implemented in connection with the sale of real estate inventories (also see note 28) of €5.1 million (previous
year: €5.2 million). Cash flow used in the other provisions are primarily expected within one year.
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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, 2023:
Financial instruments as at December 31, 2023
€ million
Measured at
amortized
costs
FVOCI
(without
recycling)
Carrying Amount
FVTPL
FVOCI
(with
recycling)
Fair Value
Level 1
Quoted
prices
Measurement categories
pursuant to IFRS 13
Level 3
Prices that
cannot be
derived
Level 2
Derived
prices
117.9
40.1
0.1
158.1
2.9
937.4
375.0
937.4
2,040.5
9.8
325.3
713.0
1,098.7
8,686.5
0.7
2,410.5
271.5
209.5
2.9
1,312.4
117.9
49.9
0.1
325.3
4,700.0
509.4
1,098.7
10,727.0
0.7
12,335.8
2,040.5
9,785.9
0.0
Financial assets
Cash and cash equivalents
Trade accounts receivable
Other financial receivables and assets
Derivative financial assets
Hedging derivatives
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
Other derivatives
Total
2,410.5
271.5
209.5
46.7
0.1
325.3
2.9
1,312.4
117.9
3,263.6
117.9
1,315.3
0.0
509.4
1,066.0
11,753.9
13,329.3
0.0
0.0
0.7
0.7
200
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Group Notes / Notes to the Consolidated Income Statement
Fraport-Annual Report 2023
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, 2022
€ million
Measured at
amortized
costs
FVOCI
(without
recycling)
Carrying Amount
FVTPL
FVOCI
(with
recycling)
Fair Value
Level 1
Quoted
prices
Measurement categories
pursuant to IFRS 13
Level 3
Prices that
cannot be
derived
Level 2
Derived
prices
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
Other derivatives
Total
2,585.2
177.1
142.4
27.6
228.4
3,160.7
506.7
1,078.6
10,925.6
2,585.2
177.1
142.4
1,056.7
1,056.7
977.0
79.7
130.4
130.4
1,056.7
0.0
130.4
20.0
150.4
130.4
27.6
228.4
4,347.8
506.7
1,018.9
9,993.9
0.7
977.0
1,934.8
7.6
228.4
315.7
1,018.9
8,059.1
0.7
11,520.2
1,934.8
9,078.7
0.0
12,510.9
0.0
0.0
0.7
0.7
For cash and cash equivalents, trade receivables, trade accounts payable and other financial receivables and assets, it was
assumed that the carrying amount represents a reasonable approximation of the fair value. This assumption is largely due to the
short term.
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
were determined using established valuation models.
The fair values of loans to joint ventures and associated companies, as well as non-current other receivables and financial assets,
are determined as the present value of future cash flows. Future cash flows are estimated on the basis of financial planning or
derived on the basis of existing contractual terms. If financial planning is used as a basis, the company is classified as level 3,
otherwise it is classified as level 2. 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.
Other non-current financial 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.
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189
In order to determine the fair value of not listed 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 2023 fiscal year, six interest rate swaps
were concluded in connection with the first disbursement of the financing contractually agreed in 2022 for the commitment in Lima.
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 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 2023 (values determined using valuation techniques)
€ million
Other investments
January, 1 2023
Additions
Gains/losses in
income statement
Transfers
into level 3
Gains/losses in
OCI
December, 31
2023
130.2
0.0
0.0
0.0
–12.7
117.5
Fair value hierarchy level 3 reconciliation 2022 (values determined using valuation techniques)
€ million
Other investments
January, 1 2022
Additions
Gains/losses in
income statement
Transfers
into level 3
Gains/losses in
OCI
December, 31
2022
108.8
0.0
0.0
0.0
21.4
130.2
The following amounts generated from the fair value in the event of changes in assumptions are:
Sensitivities 2023
€ million
Sensitivities with regard to unobservable input parameters
Growth forecasts
–0.5%
Discount rate
–0.5%
+0.5%
+0.5%
Currency rate sensitivity (INR)
+0.5%
–0.5%
Other investments
9.5 %
87.6
151.2
123.0
111.9
116.9
118.1
Sensitivities 2022
€ million
Sensitivities with regard to unobservable input parameters
Growth forecasts
–0.5%
Discount rate
–0.5%
+0.5%
+0.5%
Currency rate sensitivity (INR)
+0.5%
–0.5%
Other investments
9.8 %
98.9
165.6
135.7
124.6
124.0
137.1
The following table shows the net result for 2023 and 2022 according to IFRS 9:
202
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Group Notes / Notes to the Consolidated Income Statement
Fraport-Annual Report 2023
Net results of the measurement categories
€ million
Financial assets
At amortized cost
FVOCI with Recycling
FVOCI without Recycling
Financial liabilities
At amortized cost
FVTPL
2023
2022
–7.7
31.3
–12.5
2.2
1.2
–168.1
–57.7
21.2
4.5
12.0
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.
Interest and dividend income from financial instruments held at FVOCI are also included in the calculation of the net result.
The gains on financial liabilities FVTPL include the fair values of an interest rate swap for which there were no hedged items in
the course of the 2023 fiscal year.
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 Group holds seven interest rate swaps as at the reporting date (previous year: one).
Derivative financial instruments
€ million
Nominal volume
Fair value
Credit risk
December 31, 2023
December 31, 2022
December 31, 2023
December 31, 2022
December 31, 2023
December 31, 2022
Interest rate swaps
thereof hedge accounting
thereof trading
560.7
530.7
30.0
30.0
0.0
30.0
–0.7
0.0
–0.7
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
The fair values of the derivative financial instruments are recorded as follows in the statement of financial position:
Fair values of derivative financial instruments
€ million
December 31, 2023
December 31, 2022
December 31, 2023
December 31, 2022
Other assets
Other liabilities
Interest rate swaps - cash flow hedges
Interest rate swaps - trading
2.9
0.0
0.0
0.0
0.0
0.7
0.0
0.7
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.
203
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Group Notes / Notes to the Consolidated Income Statement
191
Six interest rate swaps (previous year: zero) are already assigned to existing floating interest-bearing liabilities and accounted for
as cash flow hedges in accordance with IFRS 9. Changes in the fair values of these instruments are recorded in other compre-
hensive income without affecting profit or loss. This economic relationship results from the compensation amount and thus the
effectiveness of these cash flow hedges. Effectiveness is reviewed and documented at regular intervals. In general, the recorded
hedging relationships can become ineffective if a gap arises in the material measurement parameters between the hedged item
and hedging instrument. Due to a very low level of ineffectiveness, the change in value of hedging instruments corresponds to
change in value of the underlying hedged item. These changes in value arise from the unrealized net income that was recorded
in shareholders’ equity during the fiscal year.
Interest rate swaps (2023 hedge accounting)
€ million
Beginning of term
2023
Total
End of term
Nominal value
December 31, 2023
Fair value Average interest rate
2029
530.7
530.7
2.9
2.9
3.4 %
The difference between the transaction price and the fair value of the derivatives at the time of the transaction in the amount of
€8.2 million was recognized as an expense in profit and loss. During the 2023 fiscal year, unrealized gains of €10.2 million from
the change in the market values of derivatives were recognized in other comprehensive income. This resulted in changes to
deferred taxes of €2.2 million. The interest result includes €6.6 million in income from the derivative.
204
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192
Group Notes / Notes to the Segment Reporting
Fraport Annual Report 2023
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. With the takeover of control of aviation security checks at the Frankfurt site at the beginning of the 2023
financial year, the Aviation segment generated revenue from aviation security fees for the first time.
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 €70.3million, EBITDA of €13.7million and EBIT of -€13.5 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 seg-
ment according to this segment structure.
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Group Notes / Notes to the Segment Reporting
193
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 Turkey. The figures shown under
“America” relate mainly to the United States, Peru, and Brazil. Of the non-current assets (consisting of property, plant, and equip-
ment, investments in airport operating projects, other intangible assets and investment property) of €13,264.8 (previous year:
€12,305.9 million) €8,739.7 million (previous year: €8,120.4 million) relate to Germany. Non-current assets in all other countries
of €4,525.1 million (previous year: €4,185.5 million) primarily relate to investments in airport operating projects. The two Brazilian
companies achieved revenue in the amount of €108.3 million in 2023 (previous year: €90.0million). The investments in airport
operating projects according to IFRIC 12 increased from €595.9 million in the previous year to €611.2 million as at Decem-
ber 31, 2023. The revenue of Lima Airport Partners S.R.L., Lima, Peru, amounted to €792.0 million in 2023 (previous year:
€590.1 million). The company holds non-current intangible assets in connection with the accounting pursuant to IFRIC 12 of
around €1,522.2 million as at the balance sheet date (previous year: 1,094.9 million). In the “Rest of Europe” region, the two Greek
companies contributed a total of €545.2 million (previous year: €443.8 million) to revenue (see also note 2). The investments in
airport operating projects according to IFRIC 12 amounted to €1,864.9 million as at December 31, 2023 (previous year:
€1,933.0 million).
Additions in the subsidiaries relate to Fraport Washington LLC and Fraport Washington Partnership LLC (International Activities
& Services segment). In addition, as a result of the sale of a further 25% of the shares, FraSec Aviation Security GmbH is no
longer included in the consolidated financial statements as a subsidiary but as a joint venture since January 1, 2023 (Aviation
segment). The additions in the associated companies relate to the founding of FraScout GmbH (Aviation segment), the disposal
in the associated companies to the sale of all shares in Airmail Center Frankfurt GmbH (Ground Handling segment). The effects
of the additions and disposals 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: €0.5 million).
During the 2023 fiscal year, revenue of €969.1 million was generated in all four segments with one customer (previous year:
€740.8 million) and thus more than 10% of Group revenue. Further explanations about segment reporting can be found in the
management report.
206
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194
Group Notes / Notes to the Consolidated Statement of Cash Flows
Fraport-Annual Report 2023
Notes to the Consolidated Statement of Cash Flows
43 Notes to the Consolidated Statement of Cash Flows
Cash flow from operating activities
In the 2023 fiscal year, cash flow from operating activities (operating cash flow) of €863.2 million (2022: €787.3 million) was
generated. The improvement of €75.9 million resulted in particular from an increase in the operating result.
Cash flow used in investing activities
Cash flow used in investing activities without investments in cash deposits and securities amounted to €1,482.6 million in the past
fiscal year, an increase of €176.8 million year-on-year. The increase was primarily the result of higher investments in airport
operating projects, particularly in Lima, as well as increased cash outflows for expansion measures at the Frankfurt site. In the
previous year, the cash outflow was mainly due to capital contributions of –€375.3 million to the new joint venture that was estab-
lished in connection with the operating concession at Antalya Airport and, on the other hand, due to the proceeds from the disposal
of the shares in the associated company Xi’an of +€152.2 million. 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 €1,818.9 million (2022: €1,216.0 million).
Cash flow from financing activities
Compared to the previous year, cash flow used in financing activities decreased only slightly by €86.9 million to €795.4 million.
The raising of funds from the project financing concluded in December 2022 at the Group company Lima and the associated
repayment of the short-term bridge loan had an effect of €675.1 million on the payments of non-current financial liabilities and –
€302.4 million on the change in current financial liabilities.
The capital increases "Non-controlling interests" relate to capital contributions to the company Lima. In the previous year, the sale
of capital and loan shares to a co-shareholder of the Greek companies was reported under transactions with non-controlling
interests. Taking into account exchange rate fluctuations and other changes, the Fraport Group reported cash and cash equiva-
lents based on the consolidated statement of cash flows of €670.3 million as at December 31, 2023 (2022: €826.2 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, 2023
December 31, 2022
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
180.1
490.2
670.3
1,614.0
126.2
2,410.5
579.6
246.6
826.2
1,619.7
139.3
2,585.2
207
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Fraport Annual Report 2023
Group Notes / Notes to the Consolidated Statement of Cash Flows
195
Changes in liabilities from financing activities
€ million
January 1, 2023
Cash inflow
from non-cur-
rent financial
liabilities
Repayment of
non-current
financial
liabilities
Cash-effective
changes in
financial
liabilities
Non cash-effective changes December 31,
2023
Accrued
interest
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
9,716.0
1,209.6
26.8
2,055.3
0.0
0.0
–104.3
–819.6
0.0
0.0
–343.5
–4.7
0.0
25.3
0.0
16.4
–10.7
0.0
9.4
0.0
0.0
–1,460.3
1,460.3
0.0
10,232.5
1,521.4
22.1
Changes in liabilities from financing acitivities
€ million
January 1, 2022
Cash inflow
from non-cur-
rent financial
liabilities
Repayment of
non-current
financial
liabilities
Cash-effective
changes in
current finan-
cial liabilities
Non cash-effective changes December 31,
2022
Accrued
interest
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
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
208
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196
Group Notes / Other Disclosures
Fraport-Annual Report 2023
Other Disclosures
44 Long-Term Incentive Program
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.
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
developments. Therefore, it constitutes a market-dependent performance target.
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, and from January 1, 2021 for the other plan participants, was replaced by the Performance Share Plan
(PSP), which maintains a performance period of four years.
At the start of the plan, each member of the Executive Board, or each plan participant, is promised a target amount in euros
according to their function as an allocation value.
As at January 1, 2023, 215,694 virtual shares were issued for the PSP tranche. Their term is four years ending on December 31,
2026.
The allocation value is divided by the initial fair value (i.e., the actuarially determined fair value according to the accounting stand-
ard 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.
The achievement of the performance share plan is determined by two performance criteria, Earnings Per Share (EPS) and the
Total Shareholder Return (TSR) compared to the MDAX index.
•
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.
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197
• 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.
The aforementionded 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 all other participants to the allocation value applicable at the start
of the plan.
The payment of the PSP takes place no later than one month after approval of the consolidated financial statements for the fourth
year of the performance period.
The target achievements for the respective performance criteria of the Executive Board tranches are published in the relevant
Remuneration Report.
Development of the fair values of the virtual shares for the Executive Board and Senior Managers
Tranche
All figures in €
Fair value
December 31, 2023
Executive Board
Fair value
December 31, 2023
Senior Managers
Fair value
December 31, 2022
Executive Board
Fair value
December 31, 2022
Senior Managers
Fiscal year 20201)
14.90
Fiscal year 20212)
51.45
Fiscal year 2022
38.79
28.15
Fiscal year 2023
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
16.00
37.41
31.58
17.39
9.45
39.39
25.75
22.61
10.61
32.14
22.20
15.26
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.
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The fair value of virtual shares to be measured in fiscal years 2020 to 2023 was calculated based on the following assumptions:
•
•
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.
As at December 31, 2023, the provision for the still ongoing LTIP tranche 2020 (for senior managers) amounted to €0.3 million
and €7.4 million for the ongoing PSP tranches.
Due to the market dependence of the fair value measurement, there was a negative effect on profit and loss of €4.9 million in the
past fiscal year 2023 (previous year: €1.1 million), which was recognized in personnel expenses. Of this amount, €3.4 million
(previous year: €0.7 million) is attributable to Executive Board members and €1.5 million (previous year: €0.4 million) to the other
plan participants.
No provision was created for the Executive Board tranche 2020. The reason for this is the support granted by the Federal Republic
of Germany and the State of Hesse to compensate for unfunded maintenance costs incurred by Frankfurt Airport during the first
lockdown in 2020. The prerequisite for the approval of these support payments was that the Executive Board would not receive
any bonuses, special payments in the form of share packages or other separate remuneration (gratuities) in addition to the fixed
salary for the 2020 fiscal year. This also related to the allocation of variable remuneration components for the 2020 fiscal year.
45 Contingent Liabilities
Contingent liabilities*
€ million
Guarantees
Warranties
thereof contract performance guarantees
Other contingent liabilities
Total
December 31, 2023
December 31, 2022
1.1
1,482.8
1,426.4
100.4
1,584.3
2.1
1,342.0
1,265.3
89.9
1,434.0
* Previous year’s values adjusted for the guarantees and the contract performance guarantees. This relates to capital contribution obligations from the expansion
financing for the operating company in Lima, Peru. The matter is presented in note 47 under “Liquidity risk”.
The warranties concluded mainly result from the respective contract terms in connection with national and international investment
projects.
At € 1,426.4 million, the guarantees mainly include contract performance guarantees. The key guarantees are explained below.
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
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activities at the Antalya site so that the operating company reported liabilities to banks totaling around €1,883.0 million (previous
year: €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 €941.5 million (previous year: €687.3 million) in accordance with its share.
In connection with the current concession at Antalya Airport, Turkey, in which Fraport AG holds a 50% stake, the shareholder
guarantees were contractually reduced in 2023 from €125.0 million (€62.5 million Fraport share) to €85.0 million (€42.5 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 €1.9 million in connection with the commitment (previous year: €3.8 million).
Fraport 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. This commitment resulted in guarantees of €323.1 million (previous year:
€401.7 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 €32.5 million (previous year: €34.0 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.
As at the balance sheet date of December 31, 2023, there were contract performance guarantees in connection with the
two service concession agreements concluded in 2015 for the 14 Greek Regional Airports of €29.2 million (previous year:
€31.2 million).
The performance guarantee relating to the concession agreement for the operation of the airport in Lima, Peru, amounted to
€24.1 million as at the balance sheet date (previous year: €24.6 million). The amount of the guarantee is regularly adjusted and
depends on the investment obligations already fulfilled by the subsidiary in Lima.
Fraport Twin Star Airport Management AD is guaranteed unchanged 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 Group companies of Fraport USA have obligations amounting to €7.1 million (previous year: €7.0 million) in connection with
the operation and development of commercial terminal areas at various US airports.
The other contingent liabilities include among others that Fraport AG is held liable to the amount of €5.8 million for rentals payable
by Lufthansa Cargo Aktiengesellschaft to ACC Animal Cargo Center Frankfurt GmbH if Lufthansa Cargo Aktiengesellschaft exer-
cises an extraordinary right to terminate the contract (previous year: €6.5 million) as well as contingent liabilities of the subsidiary
Lima from tax risks to the amount of €9.9 million (previous year: €6.9 million). Other contingent liabilities in 2023 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 €75.4 million (previous year: €68.5 million).
The above mentioned contingent liabilities contain commitments in connection with investments in joint ventures in the amount of
€85.9 million (previous year: €107.1 million) and €32.5 million (previous year: €34.0 million) obligations in connection with asso-
ciated companies.
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Group Notes / Other Disclosures
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46 Other Financial Obligations
As at the balance sheet date, there were other obligations amounting to €161.6 million (previous year: €144.4 million). These
relate largely to obligations arising from a long-term heat and cold supply contract (€100.4 million, previous year: €59.1 million)
with Mainova AG. The other obligations include €60.9 million (previous year: €80.1 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, 2023
December 31, 2022
Orders for capital expenditure in property, plant, and equipment and intangible assets
1,333.7
1,387.3
Order commitments for intangible assets comprise an insignificant portion of the total amount.
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, 2023
December 31, 2022
6.8
7.6
0.0
14.4
6.7
7.2
0.1
14.0
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, se-
lected 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.
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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.
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:
Classification of debt instruments
€ million
Debt instruments
December 31, 2023
December 31, 2022
1,630.8
1,281.7
The 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, 2023
December 31, 2022
322.2
5.2
23.2
294.8
295.7
115.6
236.9
113.0
144.1
76.4
0.0
3.7
6.2
5.1
38.9
187.3
252.6
161.5
93.9
252.6
192.6
87.4
0.0
3.6
1,630.8
1,281.7
The credit risk on liquid funds (carrying amount) applies solely with regard to banks. Here, current cash deposits are maintained
with banks. The banks where liquid funds are deposited have the following long-term issuer ratings:
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Group Notes / Other Disclosures
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Issuer ratings of liquid funds
€ million
December 31, 2023
December 31, 2022
AAA
AA+
AA
AA–
A+
A
A–
BBB+
BBB
BBB–
BB+
BB
BB–
B+
B
B–
CCC+
Not rated
Total
25.6
0.0
0.0
384.0
687.5
296.7
525.6
142.8
17.3
0.2
0.0
0.0
24.9
0.0
158.7
145.1
0.0
2.1
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
2,410.5
2,585.2
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.
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
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, 2023 influence the Group’s future liquidity.
Liquidity profile as at December 31, 2023
€ million
Total
2024
2025
2026-2030
2031-2035
2036 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
14,112.7
224.8
2,269.8
509.4
77.6
–
–215.1
0.3
–215.4
340.0
–
–
–
–
–
–29.7
0.2
–29.9
1,455.1
46.0
50.0
430.8
60.4
–
–
–
–
328.8
–
–
–
–
–
–23.1
0.1
–23.2
1,039.8
40.3
57.2
62.0
15.2
–
–
–
–
1,288.8
0
–
–
–
–
–162.3
–
–162.3
6,665.8
101.3
315.9
8.1
2.0
323.5
0
–
–
–
1,954.0
6.8
343.3
8.5
–
112.7
0
–
–
–
604.2
30.4
1,503.4
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
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The liquidity profile as at December 31, 2022 was as follows:
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
Finance leases
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
0
0
0
0
0.3
0.3
–
1,199.9
47.6
48.1
444.4
88.6
0
0
0
0
221.3
–
0
0
0
0
0.2
0.2
–
1,433.6
41.1
25.8
52.7
4.7
0
0
0
0
824.7
0
0
0
0
0
0.2
0.2
–
6,101.1
136.0
263.8
9.4
0.1
317.2
0
0
0
0
1,438.9
8.3
305.9
0.2
–
143.6
0
0
0
0
705.8
31.2
1,393.8
–
7.2
0
0
0
0
0
–
–
–
0
0
0
0
0
–
–
–
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. In connection with the project financing concluded for the expansion of the airport in Lima, Fraport AG undertook to
secure this financing, while maintaining certain shareholders’ equity/borrowings ratios, by increasing the company's pro rata
shareholders' equity by up to €347.6 million. Of this amount, €134.8 million was already paid in during fiscal year 2023.
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 on a case-by-case basis, above a certain threshold, the right to call the loans due ahead of time.
As at the reporting date, all companies were in compliance with the provisions of the financing agreements.
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 be-
tween 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:
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Group Notes / Other Disclosures
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Currency rate sensitivity
Risk in € million
Net income before tax
Loss before tax Net income before tax
Loss before tax
December 31, 2023
December 31, 2022
US$/PEN
0.60
0.60
0.40
0.40
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 €: 4.0 percentage points; US Dollar (US$): 4.5 percentage points; Turkish Lira
(TRY): 33.5 percentage points; Peruvian Nuevo Sol (PEN): 6.0 percentage points; Saudi Riyal (SAR): 4.25 percentage points;
Bulgarian Lew (BGN): 5.22 percentage points; Hong Kong Dollar (HKD): 5.25 percentage points; Brazilian Real (BRL): 10.52 per-
centage points. The individual sensitivities are then aggregated to become one profit or loss related sensitivity in €.
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, 2023 and the
assumptions made, the profit or loss-related sensitivity is €13.3 million in the event of an increase (decrease) in the market interest
rate (previous year: €8.6 million). This means that the financial result could hypothetically have increased (decreased) by
€13.3 million. This hypothetical effect on the result would have resulted from the potential effects of interest rate derivatives of
€0.9 million (previous year: €1.0 million) and an increase (decrease) in the interest result from primary floating-rate net financial
positions of €14.2 million (previous year: €7.6 million).
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Interest sensitivity on the financial result (169 basis points)
December 31, 2023
December 31, 2022
Interest sensitivity in €
million
Thereof from deriva-
tive financial instru-
ments
Thereof from primary
financial instruments
–13.3
8.6
0.9
1.0
–14.2
7.6
The equity-related sensitivity is €32.4 million (previous year: €39.7 million). By applying the assumptions made, an increase
(decrease) in interest rates would have resulted in an increase (decrease) in shareholders’ equity of €32.4 million.
Assuming a parallel shift in the interest rate curve of 150 basis points (previous year: 107 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 environ-
ment
December 31, 2023
December 31, 2022
Interest sensitivity in €
million
Thereof from deriva-
tive financial instru-
ments
Thereof from primary
financial instruments
–13.4
8.2
0.8
0.6
–14.2
7.6
The equity-related sensitivity for 150 basis points (previous year: 107 basis points) is –€3.6 million (previous year: –€25.1 million).
By applying the assumptions made, an increase (decrease) in interest rates would have resulted in an increase (decrease) in
shareholders’ equity of –€3.6 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
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:
Financial debt ratios
Key figures
Net Debt/EBITDA
EBITDA/interest expense
Corridor
December 31, 2023
December 31, 2022
Max. 5 x
Min. 3 – 4 x
6.4
3.8
6.9
3.3
Due to the unforeseeable extent of the coronavirus pandemic, it was temporarily not possible to comply with the ranges and
thresholds shown in relation to the financial debt ratios during this period. With the onset of economic recovery in the 2023 fiscal
year, an improvement was achieved in both financial debt ratios compared to the previous year and at least the EBITDA/interest
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expense financial debt ratio remains within the target range. It is expected that the net debt/EBITDA ratio will also approach the
target value of a maximum of five again in the future 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 2023. 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. Fraport AG is a dependent public-sector company due to
the 31.31% (2022: 31.31%) stake held by the State of Hesse and the 20.92% (2022: 20.92%) stake held by Stadtwerke Frankfurt
am Main Holding GmbH, Frankfurt am Main, as well as the consortium agreement concluded between these shareholders on
April 18/23, 2001, amended on December 2, 2014. The voting rights of the City of Frankfurt are held indirectly via its subsidiary
Stadtwerke Frankfurt am Main Holding GmbH. Related companies and authorities with which major business relationships are
maintained include Mainova AG and its subsidiaries.
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:
Relationships with related parties and the State of Hesse
€ million
Majority shareholders
Joint Ventures
Revenue
Purchased goods and services
Interest
Accounts receivable
Loans
Liabilities
State of Hesse
Stadtwerke
Frankfurt am
Main Holding
GmbH
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2.8
0.9
1.7
1.7
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.1
0.2
0.2
8.4
7.5
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
122.4
98.7
81.1
6.5
2.1
0.8
15.9
10.5
46.7
27.7
11.2
37.4
Associated
companies
Companies con-
trolled and signifi-
cantly influenced
by majority
shareholders
2.8
4.9
17.1
14.5
0.1
0.1
0.0
0.5
0.1
0.0
2.5
2.5
18.3
19.6
118.4
80.8
0.0
0.0
0.0
0.0
0.0
0.0
8.9
4.7
Regarding contingent liabilities and other financial obligations to joint ventures, please refer to note 45 and note 46. Some of the
loan receivables from Group companies are collateralized.
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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
2023
7.2
0.0
0.8
0.0
2.9
10.9
2022
7.5
0.0
1.1
0.0
2.9
11.5
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 2023 (see also note 54).
At the end of the fiscal year, there were outstanding balances for the Executive Board members’ bonuses amounting to €2.9 million
(previous year: €3.4 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.
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
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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, 2023, there was an average increase in airport charges of 4.9% and a further spread in noise-related
charges. In addition, the charge table included an incentive program “Recovery Program FRA 2023” for airlines, with the
aim of promoting a rapid recovery of passenger volumes at Frankfurt Airport following the pandemic-related slumps.
• On January 1, 2024, a new charge table entered into effect, which provides for an average increase in airport charges
of 9.5%. In addition, the noise assessment bases were redefined in the 2024 schedule of charges, louder noise catego-
ries were significantly burdened and further incentives for quieter flying were created.
• Airport charges accounted for 35.21% (previous year: 34.76%) 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 com-
petition 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 2023, 14.83% was generated by ground services
(previous year: 16.22%) and 13.57% by infrastructure charges (previous year: 13.35%).
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 36.39% (previous
year: 35.67%) 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.
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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)
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. The second runway and the air traffic
control tower started operations in April 2023. The construction of the new passenger terminal continues to progress. It is sched-
uled to open at the end of 2024. For the construction of the 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.
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.
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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. At the end of the 40-year concession term, the term can be extended
once for a further 10 years by mutual agreement.
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.
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.
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. In addition, a one-off extension for a further five years is possible under certain condi-
tions. 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 2023. The resulting reimbursement claim amounted to
€18.6 million (previous year: €18.5 million). The existing reimbursement claims will be offset against variable and fixed concession
payments due in subsequent years, as well as a temporary increase in airport charges.
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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
At the end of January 2024, Fraport Greece entered into an agreement with the Greek government regarding compensation for
the negative economic effects of the coronavirus pandemic in the second half of fiscal year 2021. The agreement will have a
positive effect on Group EBITDA 2024 of around €28 million.
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 2023 fiscal year:
• AirIT Services GmbH
• Airport Assekuranz Vermittlungs-GmbH
• Airport Cater Service GmbH
•
•
•
•
•
•
•
Fraport Ausbau Süd GmbH
Fraport Brasil Holding GmbH
Fraport Casa GmbH
Fraport Passenger Services GmbH
FraSec Fraport Security Services GmbH
FraSec Services GmbH
FRA - Vorfeldkontrolle GmbH
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The following German subsidiaries and sub-subsidiaries claim the exemptions under Section 264 (3) of the HGB for the 2023
fiscal year regarding the provisions of the First Subsection (annual financial statements of the corporation and management report)
and the Fourth Subsection (disclosure):
•
•
•
Fraport Facility Services GmbH
Fraport Ground Services GmbH (formerly: FraGround Fraport Ground Handling Professionals GmbH)
FraSec Flughafensicherheit GmbH
52
Information on Investments pursuant to the German
Securities Trading Act (WpHG)
In fiscal year 2023, Fraport AG received the following notifications pursuant to Section 33 and Section 34 WpHG:
ATLAS Infrastructure Partners Ltd., London, United Kingdom of Great Britain informed us on February 3, 2023, in accordance
with Sections 33 and 34 of the WpHG, that its voting rights in Fraport AG Frankfurt Airport Services Worldwide, Frankfurt/Main,
Germany, exceeded the threshold of 3% of voting rights on January 31, 2023 and on that day amounted to 3.08% (2,843,684
voting rights).
First Maven Pty Ltd., Melbourne, Australia informed us on October 16, 2023, in accordance with Sections 33 and 34 of the WpHG,
that its voting rights in Fraport AG Frankfurt Airport Services Worldwide, Frankfurt/Main, Germany, exceeded the threshold of 3%
of voting rights on October 6, 2023 and on that day amounted to 3.10% (2,863,143 voting rights).
As at December 31, 2023, 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, 2023. 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, 2023 in each case): Deutsche Lufthansa AG 8.44 %, First Maven
Pty Ltd. 3.10%, ATLAS Infrastructure Partners Ltd. 3.08%. 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 33.15% (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 14, 2023, 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
https://www.fraport.com/en/investors/corporate-governance.html.
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54
Information Concerning the Executive Board, Supervisory Board,
and Economic Advisory Board
Remuneration of the Executive Board and Supervisory Board in fiscal year 2023
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 €775.3 thousand (previous year: €1,081.6 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
2023
2022
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
751.2
535.5
541.2
0.0
541.8
596.6
2,966.3
1,765.5
1,311.5
679.0
0.0
679.0
1,409.0
5,844.0
849.0
647.0
379.0
0.0
379.0
647.0
2,901.0
2,516.7
1,847.0
1,220.2
0.0
1,220.8
2,005.6
8,810.3
2,507.8
1,843.6
442.1
1,032.5
1,217.4
1,995.4
9,038.8
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 2023) and
the 2023 PSP tranche allocated at the time of the award. The column “components with long-term incentive effect” includes the
2023 PSP tranche.
Expenses recorded for LTIP and PSP
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
2023
2022
PSP
LTIP resp. PSP
985.3
750.9
360.8
126.7
439.9
750.9
3,414.5
180.3
112.7
66.9
135.9
102.0
137.4
735.2
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 €1,321.4 thousand in the 2023 fiscal year (previous
year: €1,336.4 thousand).
No loans or advances were granted to members of the Executive Board or the Supervisory Board in the fiscal year.
Former Executive Board members and their surviving dependents received €1,856 thousand (previous year: €1,644 thousand).
The pension obligations towards active members of the Executive Board as at the balance sheet date were €10,605 thousand
(previous year: €13,173 thousand) and towards former Executive Board members and their surviving dependents €23,764 thou-
sand (previous year: €21,655 thousand).
The information concerning the members of the Executive Board and Supervisory Board is presented in note 55 and note 56.
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Remuneration of the Economic Advisory Board in fiscal year 2023
In the 2023 fiscal year, aggregate remuneration of the Economic Advisory Board amounted to €99.9 thousand (previous year:
€103.4 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.
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55 Executive Board
Mandates of the Executive Board
Members of the Executive Board
Chairman of the Executive Board
Dr. Stefan Schulte
Executive Director Retail & Real Estate
Anke Giesen
Executive Director Labor Relations
Julia Kranenberg
Executive Director Aviation & Infrastructure
Dr. Pierre Dominique Prümm
Executive Director Controlling & Finance
Prof. Dr. Matthias Zieschang
228
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 Konzern AG
– Fraport Ausbau Süd GmbH
Member of the Presidium:
– Vereinigung der hessischen Unternehmerverbände e.V. (VhU)
Member of the Supervisory Board:
– Fraport Ausbau Süd GmbH
– LPKF Laser & Electronics AG (until May 17, 2023)
– Fraport Ground Services GmbH (formerly FraGround Fraport Ground Handling
Professionals GmbH) (since September 1, 2023; until September 27, 2023)
Chairwoman of the Supervisory Board:
– Fraport Ground Services GmbH (formerly FraGround Fraport Ground Handling
Professionals GmbH) (since September 28, 2023)
Member of the Shareholders’ Meeting:
– Airport Cater Service GmbH
– Medical Airport Service GmbH
– Terminal for Kids gGmbH
– Fraport Ground Services GmbH (formerly FraGround Fraport Ground Handling
Professionals GmbH) (since September 1, 2023)
Member of the Administrative Board:
– Zusatzversorgungskasse für die Gemeinden und Gemeindeverbände in Wiesbaden
Member of the Presidium:
– Vereinigung der kommunalen Arbeitgeberverbände
Board Director:
– Société International de Télécommunication Aéronautiques (SITA) SRL
Member of the Supervisory Board:
– Fraport Ausbau Süd GmbH
– FraSec Fraport Security Services GmbH (since November 27, 2023)
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
To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther InformationFraport Annual Report 2023
216
Group Notes / Other Disclosures
Fraport-Annual Report 2023
56 Supervisory Board
Mandates of the Supervisory Board
Members of the Supervisory Board
Chairman of the Supervisory Board
Michael Boddenberg
Former Finance Minister of the State of Hesse
(Remuneration 2023: €131,000; 2022: €130,000)
Vice-Chairman
Mathias Venema
ver.di Hessen
(Remuneration 2023: €84,500; 2022: €80,082.19)
Devrim Arslan
Assistant to the Executive Board of the komba trade union
(Remuneration 2023: €57,438.35; 2022: €60,821.92)
Karina Becker-Lienemann
Chairwoman of the Works Council of Frankfurt Airport Retail GmbH & Co. KG,
Chairwoman of the Group Works Council of Gebr. Heinemann SE & Co. KG,
Vice-Chairwoman of the Group Works Council of Fraport AG
(since May 23, 2023)
(Remuneration 2023: €42,410.96)
Dr. Bastian Bergerhoff
City Treasurer and and department head for finance,
investments, and personnel of the City of Frankfurt
(Remuneration 2023: €57,000; 2022: €38,013.70)
Memberships in mandatory Supervisory Boards
and comparable control bodies
Member of the Executive Board:
– Fleischer Innung Frankfurt/Darmstadt/Offenbach (until September 30, 2023)
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
– Stifterversammlung der Polytechnischen Gesellschaft e.V.
– Rheingau Musik Festival
– Institute for Law and Finance
Vice-Chairman of the Supervisory Board:
– Fraport Ground Services GmbH (formerly FraGround Fraport Ground Handling
Professionals GmbH) (since June 1, 2023)
Membership in mandatory control bodies:
– Mainova AG
– Messe Frankfurt GmbH
– Stadtwerke Frankfurt am Main Holding GmbH (Chairman)
– Stadtwerke Verkehrsgesellschaft Frankfurt am Main mbH
– Süwag (since January 30, 2023)
– Kliniken Frankfurt-Main-Taunus GmbH (since July 19, 2023)
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
– Stiftung Hospital zum Heiligen Geist (since August 7, 2023)
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)
229
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Fraport-Annual Report 2023
Group Notes / Other Disclosures
217
Mandates of the Supervisory Board
Members of the Supervisory Board
Memberships in mandatory Supervisory Boards
and comparable control bodies
Hakan Bölükmese
Chairman of the Works Council at Frapot AG
Membership in comparable control bodies:
– Member of the Board of Trustees of the Hans Böckler Stiftung
(Remuneration 2023: €82,500; 2022: €71,835.62)
Ines Born
Trade Union Secretary, Department coordinator at ver.di headquarters, dept. 3
(until May 23, 2023; since August 4, 2023)
Member of the Supervisory Board:
– Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH
(Remuneration 2023: €32,095.89; 2022: €16,917.81)
Hakan Cicek
Member of the Works Council
(until May 23, 2023)
(Remuneration 2023: €19,650.69; 2022: €54,671.23)
Kathrin Dahnke
Independent corporate consultant
(since May 23, 2023)
(Remuneration 2023: €32,849.31)
Peter Feldmann
Former Lord Mayor of the City of Frankfurt am Main
(until May 23, 2023)
(Remuneration 2023: €14,712.33; 2022: €39,000)
Peter Gerber
Chairman of the Executive Board of Brussels Airlines
(until January 31, 2023)
(Remuneration 2023: €2,972.60; 2022: €40,000)
Dr. Margarete Haase
Independent corporate consultant
(Remuneration 2023: €102,000; 2022: €102,000)
Harry Hohmeister
Member of the Executive Board of Deutsche Lufthansa AG
(responsible for "Global Markets and Network")
(since May 23, 2023)
(Remuneration 2023: €25,287.67)
Mike Josef
Lord Mayor of the City of Frankfurt am Main
(since May 23, 2023)
(Remuneration 2023: €38,410.96)
230
Member of the Supervisory Board:
– B. Braun SE, Melsungen
– Knorr-Bremse AG, Munich
– Jungheinrich AG, Hamburg
– Aurubis AG, Hamburg
Chairman of the Supervisory Board:
– Mainova AG
– Thüga Holding GmbH & Co. KGaA (Chairman)
Chairman of the Supervisory Board:
– Albatros Versicherungsdienste GmbH
Presidium membership:
– Bundesverband der Deutschen Luftverkehrswirtschaft e.V.
Vice President:
– Arbeitgeberverband Luftverkehr e.V. (AGVL)
Chairwoman of the Supervisory Board:
– ams OSRAM AG
Member of the Supervisory Board:
– ING Groep N.V. and ING Bank N.V. Amsterdam
– Marquard & Bahls AG (until September 30, 2023)
Chairman of the Supervisory Board:
– Eurowings GmbH
– EW Discover (Discover Airlines)
Member of the Supervisory Board:
– Günes Ekspres Havacilik A.S. (SunExpress), Turkey
Chairman of the Supervisory Board:
– ABG Frankfurt Holding
– Bäderbau Frankfurt GmbH & Co. KG
– Bäderbetriebe Frankfurt GmbH
– Dom Römer GmbH
– FrankfurtRheinMain GmbH (since June 16, 2023)
– Gateway Gardens Projektentwicklungs-GmbH (until June 22, 2023)
– Mainova AG (since August 30, 2023)
– Rebstock Projektgesellschaft (until June 22, 2023)
– Sportpark Stadion Frankfurt am Main Holding GmbH
– Tourismus- und Congress GmbH Frankfurt (since July 4, 2023)
Member of the Supervisory Board:
– Genossenschaftlich Immobilien Agentur Frankfurt
– KEG GmbH (until June 22, 2023)
– Messe Frankfurt GmbH
– Nassauische Heimstätte Wohnungs GmbH (until June 22, 2023)
– RMV GmbH (since July 6, 2023)
– Stadtwerke Frankfurt am Main Holding GmbH (since May 11, 2023)
To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther InformationFraport Annual Report 2023
218
Group Notes / Other Disclosures
Fraport-Annual Report 2023
Mandates of the Supervisory Board
Members of the Supervisory Board
Frank-Peter Kaufmann
Pensioner, independent corporate consultant
Memberships in mandatory Supervisory Boards
and comparable control bodies
(Remuneration 2023: €70,000; 2022: €70,000)
Sidar Kaya
Commercial assistant and Works Council member at Fraport Ground Services GmbH
(formerly FraGround Fraport Ground Handling Professionals GmbH)
(since May 23, 2023)
Member of the Supervisory Board:
– Fraport Ground Services GmbH (formerly FraGround Fraport Ground Handling
Professionals GmbH) (since June 1, 2023)
(Remuneration 2023: €42,410.96)
Dr. Ulrich Kipper
Head of Central Infrastructure Management
(until May 23, 2023)
(Remuneration 2023: €21,589.04; 2022: €57,582.19)
Lothar Klemm
Former Hessian State Minister, independent attorney
(Remuneration 2023: €84,500; 2022: €88,500)
Karin Knappe
Member of the Works Council, Fraport AG,
and Chairwoman of the Fraport Group Works Council
(Remuneration 2023: €65,000; 2022: €37,575.35)
Felix Kreutel
Senior Vice President Real Estate and Energy at Fraport AG
(since May 23, 2023)
(Remuneration 2023: €34,849.31)
Ramona Lindner
Aviation Security Assistant FraSec Aviation Security GmbH
(until May 23, 2023)
(Remuneration 2023: €18,650.69; 2022: €49,897.26)
Michael Odenwald
Former State Secretary
(until May 23, 2023)
(Remuneration 2023: €23,589.04; 2022: €66,000)
Matthias Pöschko
Member of the Works Council
(Remuneration 2023: €66,000; 2022: €64,821.92)
Qadeer Rana
Chairman of the Multi-Company Works Council
of FraSec Fraport Security Services GmbH
(until January 4, 2023)
(Remuneration 2023: €547.94; 2022: €64,821.92)
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:
– Representatives Meeting Unfallkasse Hessen
– Representatives Meeting Deutsche Gesetzliche Unfallversicherung e.V.
(since November 23, 2023)
Member of the Board of Directors:
– Medizinischer Dienst Hessen
Representatives Meeting:
– Member of the Representatives Meeting Berufsgenossenschaft Verkehrswirtschaft
Post-Logistik Telekommunikation (since October 11, 2023)
Vice-Chairman of the Supervisory Board:
– Fraport Facility Services GmbH
Member of the Supervisory Board:
– Gateway Gardens Projektentwicklungs-GmbH
Vice-Chairman of the Supervisory Board:
– FraSec Fraport Security Services GmbH
231
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Fraport-Annual Report 2023
Group Notes / Other Disclosures
219
Mandates of the Supervisory Board
Members of the Supervisory Board
Memberships in mandatory Supervisory Boards
and comparable control bodies
Sonja Wärntges
Chief Executive Officer of Branicks Group AG (formerly DIC Asset AG)
Chairwoman of the Supervisory Board:
– DIC Real Estate Investments GmbH & Co. KGaA
(Remuneration 2023: €66,000; 2022: €65,000)
Prof Dr. Katja Windt
Member of the Management Board SMS Group GmbH
(Remuneration 2023: €62,000; 2022: €63,000)
Özgür Yalcinkaya
Commercial assistant and Chariman of the Works Council at Fraport Ground
Services GmbH (formerly FraGround Fraport Ground Handling Professionals GmbH)
(since May 23, 2023)
(Remuneration 2023: €43,410.96)
Member of the Supervisory Board:
– VIB Vermögen AG
– BBI Bürgerliches Brauhaus Immobilien AG
Member of the Executive Board:
– Bundesvereinigung Logistik (BVL) e.V. (until May 9, 2023)
Member of the Supervisory Board:
– Deutsche Post AG (until May 4, 2023)
– Ford Otomotiv Sanayi A.S., Istanbul, Turkey
Member of the Supervisory Board:
– Fraport Ground Services GmbH (formerly FraGround Fraport Ground Handling
Professionals GmbH) (since June 1, 2023)
232
To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther InformationFraport Annual Report 2023
220
Group Notes / Other Disclosures
Fraport Annual Report 2023
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
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/Main
Daport S.A., Dakar/Senegal
FraCareServices GmbH, Frankfurt/Main
Fraport Ground Services GmbH (formerly FraGround Fraport Ground Handling
Professionals GmbH), Frankfurt/Main
Fraport Antalya Havalimanı İşletme ve Yatırım A.Ş, Istanbul/Turkey
Fraport Asia Ltd., Hong Kong/China
Fraport Ausbau Süd GmbH, Frankfurt/Main
Fraport Beteiligungsgesellschaft mbH, Neu-Isenburg
Fraport Brasil Holding GmbH, Frankfurt/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/Main
Fraport Immobilienservice- und Entwicklungs GmbH & Co. KG, Frankfurt/Main
Fraport Malta Business Services Ltd., St. Julians/Malta
Fraport Malta Investment Ltd., St. Julians/Malta
Fraport Malta Ltd., St. Julians/Malta
2023
2021
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2021
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
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
2,254
2,260
0
0
–596
–618
–16,093
–10,778
162,655
162,616
26
26
0
421
1,084
929
1,296
1,186
403
461
2,115
153,799
10
16
62
63
24
24
112,020
104,427
166,071
156,744
7
7
42,000
42,016
7,151
6,849
6,936
6,909
4,758
6,015
11,563
14,375
328,134
266,509
25,659
25,620
316,324
291,523
0 1) 10)
–20 1)
943 2)
641 2)
0 1)
0 1)
0
0
–5,845
–6,143
9,548 2)
3,864 2)
90 2)
90 2)
0 1) 10)
–4 1)
156
79
–331 2)
773 2)
–334
110
–1,804
42,366
–206 2)
150 2)
–1
–1
0 2)
–1 2)
2,351
–5,243
1,470
3,157
0 1)
0 1)
1,256 2)
1,351 2)
302
212
284
1,797
–787 2)
3,010
4,059 2) 3)
23,383 2) 3)
37,625
–161,927
611
34
24,801
–161,843
233
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Fraport Annual Report 2023
Group Notes / Other Disclosures
221
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/Main
Fraport Objekte 162 163 GmbH, Frankfurt/Main
Fraport (Philippines) Services, Inc., Manila/Philippines
Fraport Peru S.A.C., Lima/Peru
Fraport Passenger Services GmbH, Frankfurt/Main
Fraport Pittsburgh Inc., Pittsburgh/USA
Fraport Real Estate Mönchhof GmbH & Co. KG, Frankfurt/Main
Fraport Real Estate Verwaltungs GmbH, Frankfurt/Main
Fraport Real Estate 162 163 GmbH & Co. KG, Frankfurt/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 Turkey Havalimani Yatirimlari Anonim Sirketi, Antalya/Turkey
Fraport Twin Star Airport Management AD, Varna/Bulgaria
Fraport USA Inc., Pittsburgh/USA
Fraport Washington LLC, Washington/USA
Fraport Washington Partnership LLC, Washington/USA
FraSec Flughafensicherheit GmbH, Frankfurt/Main
FraSec Fraport Security Services GmbH, Frankfurt/Main
FraSec Services GmbH, Frankfurt/Main
FraSec VG GmbH, Frankfurt/Main
FRA – Vorfeldkontrolle GmbH, Kelsterbach
Lima Airport Partners S.R.L., Lima/Peru
Media Frankfurt GmbH, Frankfurt/Main
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2023
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
Shareholding in %
Shareholders’
equity
(pursuant to IFRS)
in € thousand
Result
(pursuant to IFRS)
in € thousand
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
65
65
65
65
65
100
100
100
100
100
100
100
100
60
60
100
100
100
85
100
100
100
100
100
100
100
100
100
100
80.01
80.01
51
51
33,757
29,497
6,881
3,235
2,822
2,238
33
31
34
32
0
0
2,269
1,100
350
350
16,608
7,215
4,962
7,851
49
47
7,611
7,420
142,217
124,733
103,719
78,054
9,792
7,862
1,452
1,778
196,187
194,739
–445
–5,489
51,130
44,104
100,617
99,870
–96
2,754
0
–110
7,516
7,540
4,619
–1,052
1,059
1,044
25
25
164
163
630,405
443,553
9,919
8,261
5,458
3,624
3,856
4,488
681
748
2
1
2
1
0 1)
0 1)
1,367
149
1,314 2)
580 2)
9,890
–8,318
–71 2) 3)
19,385 2) 3)
2
2
4,384 2) 3)
4,641 2) 3)
51,493
46,731
25,671
21,246
1,942
1,942
–268
–366
1,797
–2,575
4,964
2,670
24,084
3,720
5,781
4,205
–2,818
–756
0 4)
–112 4)
–1,414 2)
–5,489 2)
9,615 2)
11,117 2)
1,220 2)
224 2)
0 1)
0 1)
124 2)
231 2)
32,362
37,506
1,658
967
234
To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther InformationFraport Annual Report 2023
222
222
Group Notes / Other Disclosures
Group Notes / Other Disclosures
Fraport Annual Report 2023
Fraport Annual Report 2023
Joint ventures
Joint ventures
Name and registered office
Name and registered office
AirITSystems GmbH, Hanover
AirITSystems GmbH, Hanover
FCS Frankfurt Cargo Services GmbH, Frankfurt/Main
FCS Frankfurt Cargo Services GmbH, Frankfurt/Main
FraAlliance GmbH, Frankfurt/Main
FraAlliance GmbH, Frankfurt/Main
Frankfurt Airport Retail GmbH & Co. KG, Hamburg
Frankfurt Airport Retail GmbH & Co. KG, Hamburg
Frankfurt Airport Retail Verwaltungs GmbH, Frankfurt/Main
Frankfurt Airport Retail Verwaltungs GmbH, Frankfurt/Main
Fraport TAV Antalya Terminal Isletmeciligi A.S., Antalya/Turkey
Fraport TAV Antalya Terminal Isletmeciligi A.S., Antalya/Turkey
Fraport TAV Antalya Yatirim, Yapim ve İşletme A.Ş., Antalya/Turkey
Fraport TAV Antalya Yatirim, Yapim ve İşletme A.Ş., Antalya/Turkey
FraSec Aviation Security GmbH, Frankfurt/Main
FraSec Aviation Security GmbH, Frankfurt/Main
Grundstücksgesellschaft Gateway Gardens GmbH, Frankfurt/Main
Grundstücksgesellschaft Gateway Gardens GmbH, Frankfurt/Main
Medical Airport Service GmbH, Mörfelden-Walldorf
Medical Airport Service GmbH, Mörfelden-Walldorf
M-Port GmbH & Co. KG, Neu-Isenburg
M-Port GmbH & Co. KG, Neu-Isenburg
M-Port Verwaltungs GmbH, Neu-Isenburg
M-Port Verwaltungs GmbH, Neu-Isenburg
N*ICE Aircraft Services & Support GmbH, Frankfurt/Main
N*ICE Aircraft Services & Support GmbH, Frankfurt/Main
Pantares Tradeport Asia Ltd., Hong Kong/China
Pantares Tradeport Asia Ltd., Hong Kong/China
PEG Europa Real Estate GmbH, Neu-Isenburg
PEG Europa Real Estate GmbH, Neu-Isenburg
Shanghai Frankfurt Airport Consulting Services Co., Ltd., Shanghai/China
Shanghai Frankfurt Airport Consulting Services Co., Ltd., Shanghai/China
Terminal for Kids gGmbH, Frankfurt/Main
Terminal for Kids gGmbH, Frankfurt/Main
Associated companies
Associated companies
Name and registered office
Name and registered office
ASG Airport Service Gesellschaft mbH, Frankfurt/Main
ASG Airport Service Gesellschaft mbH, Frankfurt/Main
FraScout GmbH, Offenbach/Main
FraScout GmbH, Offenbach/Main
operational services GmbH & Co. KG, Frankfurt/Main
operational services GmbH & Co. KG, Frankfurt/Main
Thalita Trading Ltd., Lakatamia/Cyprus
Thalita Trading Ltd., Lakatamia/Cyprus
Shareholding
Shareholding
in %
in %
Shareholders’
Shareholders’
equity
equity
(pursuant to IFRS)
(pursuant to IFRS)
in € thousand
in € thousand
Result
Result
(pursuant to IFRS)
(pursuant to IFRS)
in € thousand
in € thousand
50
50
50
50
49
49
49
49
50
50
50
50
50
50
50
50
50
50
50
50
51/50
51/50
51/50
51/50
49/50
49/50
49/50
49/50
49
49
74
74
33.33
33.33
33.33
33.33
50
50
50
50
50
50
50
50
50
50
50
50
52
52
52
52
50
50
50
50
50
50
50
50
50
50
50
50
50
50
50
50
6,797
6,797
5,695
5,695
11,740
11,740
12,202
12,202
1,581
1,581
1,218
1,218
49,489
49,489
42,113
42,113
24
24
22
22
95,751
95,751
92,924
92,924
738,137
738,137
727,973
727,973
14,917
14,917
15,744
15,744
2,835
2,835
4,155
4,155
20,686
20,686
18,075
18,075
12
12
25
25
24
24
24
24
10,358
10,358
9,119
9,119
6,304
6,304
6,924
6,924
2,945
2,945
2,949
2,949
94
94
180
180
4,265
4,265
3,966
3,966
1,922
1,922
1,551
1,551
–480
–480
6,820
6,820
363
363
193
193
12,635
12,635
21,733
21,733
1
1
1
1
169,475 5)
169,475 5)
125,362 5)
125,362 5)
10,164 6)
10,164 6)
–22,577 6)
–22,577 6)
4,146
4,146
5,173
5,173
–1,320
–1,320
–1,750
–1,750
3,709
3,709
2,175
2,175
–13
–13
2,306
2,306
0
0
0
0
1,782
1,782
1,512
1,512
1,712
1,712
1,767
1,767
–4
–4
–1
–1
–77
–77
–36
–36
299
299
47
47
Shareholding
Shareholding
in %
in %
Shareholders’
Shareholders’
equity
equity
(pursuant to IFRS)
(pursuant to IFRS)
in € thousand
in € thousand
Result
Result
(pursuant to IFRS)
(pursuant to IFRS)
in € thousand
in € thousand
49
49
49
49
50
50
50
50
50
50
25
25
25
25
–12,938
–12,938
–9,677
–9,677
–126
–126
37,383
37,383
33,407
33,407
0
0
–425,812
–425,812
–3,261
–3,261
–3,376
–3,376
–151
–151
19,262
19,262
15,922
15,922
0
0
–67,604
–67,604
4)
4)
10)
10)
2023
2023
2022
2022
2023
2023
2022
2022
2023
2023
2022
2022
2023
2023
2022
2022
2023
2023
2022
2022
2023
2023
2022
2022
2023
2023
2022
2022
2023
2023
2022
2022
2023
2023
2022
2022
2023
2023
2022
2022
2023
2023
2022
2022
2023
2023
2022
2022
2023
2023
2022
2022
2023
2023
2022
2022
2023
2023
2022
2022
2023
2023
2022
2022
2023
2023
2022
2022
2023
2023
2022
2022
2023
2023
2023
2023
2022
2022
2023
2023
2022
2022
235
Fraport Annual Report 2023To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther Information
Fraport Annual Report 2023
Fraport Annual Report 2023
Other investments
Name and registered office
Other investments
Name and registered office
Delhi International Airport Private Ltd., New Delhi/India
Delhi International Airport Private Ltd., New Delhi/India
Flughafen Parken GmbH, Munich
Flughafen Parken GmbH, Munich
Gateways for India Airports Private Ltd., Bangalore/India
Gateways for India Airports Private Ltd., Bangalore/India
Ineuropa Handling Alicante, U.T.E., Madrid/Spain
Ineuropa Handling Alicante, U.T.E., Madrid/Spain
Ineuropa Handling Madrid, U.T.E., Madrid/Spain
Ineuropa Handling Madrid, U.T.E., Madrid/Spain
Ineuropa Handling Mallorca, U.T.E., Madrid/Spain
Ineuropa Handling Mallorca, U.T.E., Madrid/Spain
Ineuropa Handling Teneriffa, U.T.E., Madrid/Spain
Ineuropa Handling Teneriffa, U.T.E., Madrid/Spain
PCF Perishable-Center GmbH & Co. KG,
PCF Perishable-Center GmbH & Co. KG,
Frankfurt/Main
Frankfurt/Main
Perishable-Center Verwaltungs-GmbH,
Perishable-Center Verwaltungs-GmbH,
Frankfurt/Main
Frankfurt/Main
The Squaire GmbH & Co. KG, Bonn
The Squaire GmbH & Co. KG, Bonn
VVSS Limited Liability Company (in English: NCG Holding Limited Liability Company),
St. Petersburg/Russia
VVSS Limited Liability Company (in English: NCG Holding Limited Liability Company),
St. Petersburg/Russia
Group Notes / Other Disclosures
Further Information
Group Notes / Other Disclosures
223
223
Shareholding
in %
Shareholding
in %
Shareholders’
Shareholders’
equity
equity
(according to
local regulation)
(according to
local regulation)
in € thousand
in € thousand
Result
Result
(according to
(according to
local regulation)
in € thousand
local regulation)
in € thousand
2023
2022
2023
2022
2023
2022
2023
2023
2022
2023
2022
2023
2022
2023
2007
2023
2007
2023
2007
2023
2007
2023
2007
2023
2007
2023
2007
2023
2022
2023
2022
2023
2022
2023
2007
2023
2022
2023
2022
2023
2022
2023
10
10
20
20
13.51
13.51
20
10
10
20
20
13.51
13.51
20
20
20
20
20
20
20
20
10
10
10
10
5.1
5.1
25
20
20
20
20
20
20
20
10
10
10
10
5.1
5.1
25
98,028
187,244
1,369
840
0
0
0
98,028
187,244
1,369
840
0
0
0
–575
0
–575
0
–1,282
0
–1,282
0
871
0
871
0
1,642
1,642
0
0
1,527
1,527
0
0
4,014
4,014
0
0
–660,935
–660,935
1,690,531
1,690,531
–45,053 7)
–44,527 7)
–45,053 7)
–44,527 7)
525
545
0 1)
0 1)
0 1)
525
545
0 1)
0 1)
0 1)
8)9)10)
8)9)10)
–786 1) 8)9)
–786 1) 8)9)
0 1)
0 1)
8)9)10)
8)9)10)
–2,604 1) 8)9)
–2,604 1) 8)9)
0 1)
0 1)
8)9)10)
8)9)10)
270 1) 8)9)
270 1) 8)9)
0 1)
0 1)
8)9)10)
8)9)10)
–762 1) 8)9)
–762 1) 8)9)
0 10)
0 10)
2,253
2,253
0 10)
0 10)
1,190
1,190
0 10)
0 10)
–15,584
0 4)
–15,584
0 4)
8)10)11
8)10)11
)
)
1) Company inactive or in liquidation.
1) Company inactive or in liquidation.
2) IFRS result before profit/loss transfer.
2) IFRS result before profit/loss transfer.
3) In the shareholders’ equity of commercial partnerships, capital shares as well as shares in profit and loss of the limited partners are recognized
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).
(according to IAS 32, these represent debt).
4) Additions to the consolidated companies in 2023
4) Additions to the consolidated companies in 2023
5) 51% capital shares, 50% dividend rights.
5) 51% capital shares, 50% dividend rights.
6) 49% capital shares, 50% dividend rights.
6) 49% capital shares, 50% dividend rights.
7) Fiscal year of the company ends on March 31.
7) Fiscal year of the company ends on March 31.
8) There is no influence on financial and business policies.
8) There is no influence on financial and business policies.
9) Shareholders’ equity has been largely or wholly repaid.
9) Shareholders’ equity has been largely or wholly repaid.
10) Current financial statements not yet available.
10) Current financial statements not yet available.
11) Shareholding according to russian law; equity corresponds to the registered capital according to the commercial register
11) Shareholding according to russian law; equity corresponds to the registered capital according to the commercial register
Frankfurt/Main, March 12, 2024
Frankfurt/Main, March 12, 2024
Fraport AG
Frankfurt Airport Services Worldwide
Fraport AG
Frankfurt Airport Services Worldwide
The Executive Board
The Executive Board
Dr. Stefan Schulte Anke Giesen Julia Kranenberg Dr. Pierre Dominique Prümm Prof Dr. Matthias Zieschang
Dr. Stefan Schulte Anke Giesen Julia Kranenberg Dr. Pierre Dominique Prümm Prof Dr. Matthias Zieschang
236
To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFraport Annual Report 2023
Progress Terminal 3
To serve the expected long-term growth in traffic,
Fraport is expanding its capacity at Frankfurt Airport
with a third passenger terminal.
Work on the new Terminal 3 continues to be on schedule.
In the meantime, 700 glass elements have already
been installed as part of the facade work. Inside the
construction site, numerous technical installations are
being carried out. The central “marketplace” also
continues to take shape every day. Thanks to a specially
developed ceiling construction made of bent aluminum
tubes, this marketplace is becoming a special highlight.
The opening of the new terminal is planned for the start
of the summer flight schedule of 2026.
Further Information
238
Responsibility Statement
239
Independent Auditor´s Report
247
Independent Practitioner´s Report
250
Ten-Year Overview
252
Glossary
255
Financial Calendar 2024
255
Traffic Calendar 2024
255
Imprint
237
Fraport Annual Report 2023To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther Information 224
Further Information / Responsibility Statement
Fraport Annual Report 2023
Further Information
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, March 12, 2024
Fraport AG
Frankfurt Airport Services Worldwide
The Executive Board
Dr. Stefan Schulte Anke Giesen Julia Kranenberg Dr. Pierre Dominique Prümm Prof Dr. Matthias Zieschang
238
To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther InformationFraport Annual Report 2023
Fraport Annual Report 2023
Further Information / Independent Auditor’s Report
225
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 Combined Management Report
Audit Opinions
We have audited the consolidated financial statements of Fraport AG Frankfurt Airport Services Worldwide, Frankfurt am
Main/Germany, and its subsidiaries (the Group) which comprise the consolidated balance sheet as at 31 December 2023, the
consolidated statement of profit and loss and other comprehensive income, the consolidated statement of changes in equity and
the consolidated statement of cash flows for the financial year from 1 January to 31 December 2023, and the notes to the consol-
idated financial statements, including a summary of significant accounting policies. In addition, we have audited the combined
management report for the parent and the group of Fraport AG Frankfurt Airport Services Worldwide, Frankfurt am Main/Germany,
for the financial year from 1 January to 31 December 2023. In accordance with German legal requirements, we have neither
audited the content of the non-financial statement pursuant to Sections 289b and 315b German Commercial Code (HGB) included
in the combined management report, nor of the corporate governance statement pursuant to Sections 289f and 315d HGB, which
is made reference to in the section “Combined corporate governance statement” of the combined management report. Further-
more, we have neither audited the disclosures extraneous to management reports marked as unaudited included in the
sub-section “Disclosures on the central internal control system” in the section “Risks and opportunities” nor have we audited any
information provided on Company websites not referenced as legally provided by means of making cross-references in the
combined management 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 Section 315e Abs. (1) HGB 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 2023, and of its financial performance for the financial year from 1 January to 31 Decem-
ber 2023, and
the accompanying combined management report as a whole provides an appropriate view of the Group’s
position. In all material respects, this combined 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 combined management report does neither cover the content of
the statements mentioned above, nor the afore-mentioned disclosures extraneous to management reports
marked as unaudited and any information made reference to by means of cross-references not provided for by law.
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 combined 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
Section 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
(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 Combined 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
239
Fraport Annual Report 2023To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther Information
226
Further Information / Auditor’s Report
Fraport Annual Report 2023
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 combined management
report.
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 2023. 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.
In the following, we present the recoverability of investments in airport operating projects and property, plant and equipment,
which we have determined to be a key audit matter.
Our presentation of this key audit matter has been structured as follows:
a)
description (including reference to corresponding information in the consolidated financial statements)
b)
auditor’s response
Recoverability of investments in airport operating projects and property, plant and equipment
a)
The consolidated financial statements of Fraport AG Frankfurt Airport Services Worldwide, Frankfurt am Main/Germany,
disclose the item “investments in airport operating projects” under long-term financial assets totalling mEUR 4,146.8 (prior
year: mEUR 3,769.1) as well as “property, plant and equipment” of mEUR 8,951.5 (prior year: mEUR 8,371.8). Together,
these items account for 69.3% of total assets (prior year: 69.0%). Investments in airport operating projects include airport
concessions allowing the respective airport operator to charge fees to users of the airport infrastructure over a term contrac-
tually agreed upon. In return, the Company, as the concessionaire, commits to provide expansion services as well as to
operating the airport. Of property, plant and equipment, 95.9% are allotted to the airport infrastructure of Fraport AG (prior
year: 95.2%). The assessments of recoverability of concessions and of property, plant and equipment are done by implication
via the assessment of recoverability of the cash-generating unit the assets have been assigned to. In doing so, the carrying
amount of the cash-generating unit is compared to the corresponding recoverable amount. The present values of the
cash-generating units are being determined by means of the discounted cash flow method derived from the expected cash
flows based on the medium-term planning for the years from 2024 to 2029. The executive directors’ planning for the cash-
generating units of this site on an aggregated level from 2029 to 2035 and subsequently were continued with assumptions
on long-term growth rates due to the long-term investment intention at the site in Frankfurt am Main/Germany. In case of
cash-generating units with fixed-term airport concessions, the planning period corresponds to the residual term of the
concession agreement. The planning is influenced by expectations on future market development and assumptions on the
development of macro-economic parameters. Discounting to the present value is affected by means of the weighted average
cost of capital derived from the discount rate of the respective cash-generating unit.
As soon as for the identification of indications for impairment, the recoverability of the cash-generating unit is assessed by
means of an annually updated cash flow model, which takes into account additional blanket risk factors in the discounting
rate. Should this initial assessment result in a need for impairment, the indicative impairment test is customised to the
circumstances of the cash-generating unit in order to be able to determine a more exact need for impairment.
In the financial year 2023, no impairments resulting from impairment tests regarding the investments in airport operating
projects or property, plant and equipment were recognised. The result of this measurement is subject to the executive direc-
tors’ assessment regarding the existence of indications for probable impairment, regarding future cash flows of the cash-
generating units, regarding the discount rate used, regarding the growth rate as well as regarding further judgement-based
assumptions and thus are prone to uncertainties. Therefore and due to the underlying complexity of the calculations, these
matters were of particular significant in the scope of our audit.
The executive directors’ disclosures regarding the measurement of investments in airport operating projects and of property,
plant and equipment are included in sections 4, 10, 18 and 20 of the notes to the consolidated financial statements.
240
To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther InformationFraport Annual Report 2023
Fraport Annual Report 2023
Further Information / Independent Auditor’s Report
227
b) Within the scope of our audit, we gained an understanding of the methodical approach for impairment tests carried out for
investments in airport operating projects as well as for property, plant and equipment. In this respect, we have examined the
underlying processes and audited identified audit-relevant controls as regards the appropriateness of their design and
implementation.
Based on this, we selected and critically assessed the discounted cash flow model used by means of materiality considera-
tions as well as taking into account risk aspects in order to evaluate whether impairments arose. We compared the future
cash flows used for the calculation with the resolved planning for the Group and the Company and critically assessed them
as regards their appropriateness by reconciling them with general and industry-specific market expectations. In doing so, we
critically assessed the assumptions made and the data used, and evaluated to what extent the processes and the data used
in this respect could be affected by subjectivity, complexity or other inherent risk factors. In case adjustments were made to
the planning for the purpose of impairment tests with not immaterial effects, we discussed the adjustments made with the
responsible parties and critically assessed the calculations as well as their contents. During the scope of our audit, we –
involving specialists – gained a detailed understanding of the measurement parameters affecting the discount rate, particu-
larly by means of reconciling them with market data due to the high sensitivity of the measurement regarding the discount
rate used. Furthermore, we have assessed the sensitivity analyses prepared by the Company and in case of cash-generating
units with little headroom additionally conducted our own sensitivity analyses. We have examined the completeness of
necessary disclosures in the notes to the consolidated financial statements for cash-generating units for which a change
of an assumption considered possible would lead to a recoverable amount below the carrying amount.
Other Information
The executive directors and/or the supervisory board are responsible for the other information. The other information comprise
•
•
•
•
•
•
•
•
•
the report of the supervisory board,
the remuneration report in accordance with Section 162 AktG referenced in the notes to the consolidated financial
statements and in the combined management report,
the combined non-financial statement pursuant to Sections 289b and 315b HGB included in the combined management
report,
the corporate governance statement pursuant to Section 289f and Section 315d HGB, to which reference is made in the
group management report,
disclosures extraneous to management reports included in the combined management report, which were marked
as unaudited,
any information on Company websites to which reference is made in cross-references not legally provided for in the
combined management report,
the executive directors’ confirmation regarding the consolidated financial statements and the combined management
report pursuant to Section 297 (2) sentence 4 and Section 315 (1) sentence 5 HGB, and
all other parts of the annual report, which is expected to be presented to us after the date of this independent auditor’s
report,
but not the consolidated financial statements, not the audited content of the combined management report and not our
auditor’s report thereon.
241
Fraport Annual Report 2023To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther Information
228
Further Information / Auditor’s Report
Fraport Annual Report 2023
The supervisory board is responsible for the report of the supervisory board. The executive directors and the supervisory board
are responsible for the statement according to Section 161 German Stock Corporation Act (AktG) concerning the German Corpo-
rate Governance Code, which is part of the corporate governance statement and for the remuneration report to which reference
is made in the combined management report. Otherwise the executive directors are responsible for the other information.
Our audit opinions on the consolidated financial statements and on the combined 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 identified above and, in doing so, to consider whether
the other information
•
•
is materially inconsistent with the consolidated financial statements, with the audited content of the combined manage-
ment report or 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
Statements and the Combined Management Report
The executive directors are responsible for the preparation of the consolidated financial statements that comply, in all material
respects, with IFRS as adopted by the EU and the additional requirements of German commercial law pursuant to Section 315e
(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.
Furthermore, the executive directors are responsible for the preparation of the combined 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 develop-
ment. In addition, the executive directors are responsible for such arrangements and measures (systems) as they have considered
necessary to enable the preparation of a combined 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 combined 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 combined management report.
242
To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther InformationFraport Annual Report 2023
Fraport Annual Report 2023
Further Information / Independent Auditor’s Report
229
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements and of the Combined
Management 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 combined management report as a whole provides an
appropriate 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 combined management report.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Section
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 combined management
report.
We exercise professional judgement and maintain professional scepticism throughout the audit. We also
•
•
•
•
•
identify and assess the risks of material misstatement of the consolidated financial statements and of the combined
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 the risk of not detecting a material misstatement 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 relevant to the audit of the combined 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 combined 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 IFRS as adopted by the EU and with the additional requirements of German
commercial law pursuant to Section 315e (1) HGB.
243
Fraport Annual Report 2023To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther Information
230
Further Information / Auditor’s Report
Fraport Annual Report 2023
•
•
•
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 combined 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 combined 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 combined manage-
ment 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 infor-
mation 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 provide those charged with governance with a statement that we have complied with the relevant independence requirements,
and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and
where applicable, the actions taken or safeguards applied to eliminate independence threats.
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 for the current period and are therefore the key audit matters. We describe
these matters in the 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 Reproductions of the Consolidated Financial Statements and
the Combined Management Report Prepared for Publication Pursuant to Section 317 (3A) HGB
Audit Opinion
prepared
We have performed an audit in accordance with Section 317 (3a) HGB to obtain reasonable assurance whether the electronic
reproductions of the consolidated financial statements and of the combined management report (hereinafter referred to as “ESEF
documents”)
value
d6b98d1ff29bf97fbd5622a86f7dcf3e1de059d70b109b4ae205975af468c63b, meet, in all material respects, the requirements for
the electronic reporting format pursuant to Section 328 (1) HGB (“ESEF format”). In accordance with the German legal require-
ments, this audit only covers the conversion of the information contained in the consolidated financial statements and the com-
bined management report into the ESEF format, and therefore covers neither the information contained in these electronic repro-
ductions nor any other information contained in the file identified above.
file, which
publication,
contained
SHA-256
has
the
the
for
in
In our opinion, the electronic reproductions of the consolidated financial statements and of the combined management report
prepared for publication contained in the file identified above meet, in all material respects, the requirements for the electronic
reporting format pursuant to Section 328 (1) HGB. Beyond this audit opinion and our audit opinions on the accompanying consol-
idated financial statements and on the accompanying combined management report for the financial year from 1 January to
31 December 2023 contained in the “Report on the Audit of the Consolidated Financial Statements and of the Combined
Management Report” above, we do not express any assurance opinion on the information contained within these electronic
reproductions or on any other information contained in the file identified above.
244
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Fraport Annual Report 2023
Further Information / Independent Auditor’s Report
231
Basis for the Audit Opinion
We conducted our audit of the electronic reproductions of the consolidated and the combined management report contained in
the file identified above in accordance with Section 317 (3a) HGB on the basis of the IDW Auditing Standard: Audit of the Electronic
Reproductions of Financial Statements and Management Reports Prepared for Publication Purposes Pursuant to
Section 317 (3a) HGB (IDW AuS 410 (06.2022)). Our responsibilites in this context are further described in the “Group Auditors
Responsibilities for the Audit of ESEF Documents” section. Our audit firm has applied the requirement of the IDW Quality
Management Standards.
Responsibilities of the Executive Directors and the Supervisory Board for the ESEF Documents
The executive directors of the parent are responsible for the preparation of the ESEF documents based on the electronic files of
the consolidated financial statements and of the combined management report according to Section 328 (1) sentence 4 no. 1
HGB and for the tagging of the consolidated financial statements according to Section 328 (1) sentence 4 no. 2 HGB.
In addition, the executive directors of the parent are responsible for such internal controls that they have considered necessary to
enable the preparation of ESEF documents that are free from material intentional or unintentional non-compliance with the
requirements for the electronic reporting format pursuant to Section 328 (1) HGB.
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 Audit on the ESEF Documents
Our objective is to obtain reasonable assurance about whether the ESEF documents are free from material intentional or
unintentional non-compliance with the requirements of Section 328 (1) HGB. We exercise professional judgement and maintain
professional scepticism throughout the audit. We also
•
•
•
•
•
identify and assess the risks of material intentional or unintentional non-compliance with the requirements of Section 328
(1) HGB, 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 opinion.
obtain an understanding of internal control relevant to the audit on the ESEF documents in order to design audit proce-
dures that are appropriate in the circumstances, but not for the purpose of expressing an assurance opinion on the
effectiveness of these controls.
evaluate the technical validity of the ESEF documents, i.e. whether the file containing the ESEF documents meets the
requirements of the Delegated Regulation (EU) 2019/815, in the version in force at the balance sheet date, on the
technical specification for this electronic file.
evaluate whether the ESEF documents enable a XHTML reproduction with content equivalent to the audited consolidated
financial statements and to the audited combined 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 balance sheet
date, enables an appropriate and complete machine-readable XBRL copy of the XHTML reproduction.
Further Information pursuant to Article 10 of the EU Audit Regulation
We were elected as group auditor by the general meeting on 23 May 2023 and subsequently we were engaged orally and in
writing on 19 December 2023 / 11 January 2024. We have been the group auditor of Fraport AG Frankfurt Airport Services
Worldwide, Frankfurt am Main/Germany, since the financial year 2023.
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).
245
Fraport Annual Report 2023To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther Information
232
Further Information / Auditor’s Report
Fraport Annual Report 2023
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 combined
management report as well as with the audited ESEF documents. The consolidated financial statements and the combined man-
agement report converted into the ESEF format – including the versions to be submitted for inclusion in the Company Register –
are merely electronic reproductions of the audited consolidated financial statements and the audited combined management
report and do not take their place. In particular, the ESEF report and our audit opinion contained therein are to be used solely
together with the audited ESEF documents made available in electronic form.
German Public Auditor responsible for the engagement
The German Public Auditor responsible for the engagement is Thomas Lüdke.
Frankfurt am Main, 12 March 2024
Deloitte GmbH
Wirtschaftsprüfungsgesellschaft
Signed:
Kirsten Gräbner-Vogel
Wirtschaftsprüferin
(German Public Auditor)
TRANSLATION
– German version prevails –
Signed:
Thomas Lüdke
Wirtschaftsprüfer
(German Public Auditor)
246
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Fraport Annual Report 2023
Further Information / Independent Auditor’s Report
233
Limited Assurance Report of the independent Practitioner
regarding the non-financial Reporting for the Financial Year
from 1 January to 31 December 2023
To Fraport AG Frankfurt Airport Services Worldwide, Frankfurt am Main/Germany
Our Engagement
We have performed a limited assurance engagement on the consolidated non-financial statement of Fraport AG Frankfurt Airport
Services Worldwide, Frankfurt am Main/Germany, (hereafter referred to as “the Company”), which has been combined with the
non-financial statement of the Company, for the financial year from 1 January to 31 December 2023 (hereafter referred to as
“non-financial reporting”) included in the group management report, which has been combined with the management report.
Our assurance engagement did neither cover the remuneration report referenced in the non-financial reporting, nor did it not cover
the external sources of documentation and websites including their content referenced in the non-financial reporting.
Responsibilities of the Executive Directors
The executive directors of the Company are responsible for the preparation of the non-financial reporting in accordance with the
requirements of Sections 289c to 289e German Commercial Code (HGB), Section 315c in conjunction with Sections 289c to 289e
HGB and Article 8 of Regulation (EU) 2020/852 of the European Parliament and the Council of 18 June 2020 on the establishment
of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (hereafter referred to as “EU Tax-
onomy Regulation”) and the delegated acts adopted thereon, as well as with the executive directors’ interpretation of the wording
and terminology contained in the EU Taxonomy Regulation and the delegated acts adopted thereon, as set out in the section
“Information on the EU Taxonomy Regulation” of the non-financial reporting.
These responsibilities of the executive directors of the Company include the selection and application of appropriate methods
regarding the non-financial reporting and the use of assumptions and estimates for individual non-financial disclosures which are
reasonable under the given circumstances. In addition, the executive directors are responsible for such internal control as they
have deemed necessary to enable the preparation of a non-financial reporting that is free from material misstatement, whether
due to fraud (i.e., fraudulent non-financial reporting) or error.
The EU Taxonomy Regulation and the delegated acts adopted thereon contain wording and terminology 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 of the delegated acts adopted thereon
in the section “Information on the EU Taxonomy Regulation” of the non-financial reporting. They are responsible for the justifiability
of this interpretation. The legal conformity of the interpretation is subject to uncertainties due to the immanent risk that undefined
legal terms may be interpreted differently.
The preciseness and completeness of the environmental data in the non-financial reporting is subject to inherent restrictions
resulting from the manner in which the data was collected and calculated as well as from assumptions made.
247
Fraport Annual Report 2023To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther Information
234
Further Information / Auditor’s Report
Fraport Annual Report 2023
Independence and Quality Assurance of the German Public Audit Firm
We have observed German professional regulations regarding independence as well as further professional rules of conduct.
Our audit firm applies the national statutory rules and professional announcements particularly of the “Professional Charter for
German Public Auditors and German Sworn Auditors” (BS WP/vBP) and of the quality management standards promulgated by
the Institut der Wirtschaftsprüfer (IDW) and therefore maintains a comprehensive quality management system comprising docu-
mented regulations and measures in respect of compliance with professional rules of conduct, professional standards, as well as
relevant statutory and other legal requirements.
Responsibilities of the Independent Practitioner
Our responsibility is to express a conclusion on the non-financial reporting based on our work performed within our limited assur-
ance engagement.
We conducted our work in accordance with the 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 so that we can conclude with limited assurance whether matters
have come to our attention to cause us to believe that the non-financial reporting – with the exception of the remuneration report
referenced and of external sources of documentation and any websites mentioned therein, including their contents – has not been
prepared, in all material respects, in accordance with Sections 289c to 289e HGB, Section 315c in conjunction with Sections 289c
to 289e HGB and the EU Taxonomy Regulation and the delegated acts adopted thereon, as well as with the interpretation by the
executive directors presented in section “Information on the EU Taxonomy Regulation” of the non-financial reporting.
The procedures performed in a limited assurance engagement are less in extent than for a reasonable assurance engagement;
consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that
would have been obtained had a reasonable assurance engagement been performed. The choice of assurance work is subject
to the practitioner’s professional judgement.
Within the scope of our limited assurance engagement, which was mainly performed from October 2023 to March 2024, we
conducted, amongst others, the following procedures and other activities:
• Gaining an understanding of the structure of the Group’s sustainability organisation and stakeholder engagement,
•
•
Interviews with relevant employees involved in the preparation process on the preparation process including precautions
and measures taken to prepare the non-financial reporting as well as regarding the disclosures included in the non-
financial reporting,
Identification of probable risks of material misstatements in the non-financial reporting,
• Analytical evaluation of selected disclosures in the non-financial reporting,
• Reconciliation of selected disclosures with the corresponding data in the consolidated financial statements and combined
management report,
• Evaluation of the presentation of the non-financial reporting,
• Evaluation of the process used to identify taxonomy-eligible and taxonomy-aligned economic activities and of the corre-
sponding disclosures in the non-financial reporting.
248
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Fraport Annual Report 2023
Further Information / Independent Auditor’s Report
235
In determining the disclosures in accordance with Article 8 of the EU Taxonomy Regulation, the executive directors are required
to interpret undefined legal terms. The legal conformity of their interpretation and, accordingly, our assurance engagement thereon
are subject to uncertainties due to the immanent risk that undefined legal terms may be interpreted differently.
Practitioner’s conclusion
Based on the work performed and the evidence obtained, nothing has come to our attention that causes us to believe that the
non-financial reporting for the financial year from 1 January to 31 December 2023 does not comply, in all material respects, with
Sections 289c to 289e HGB, Section 315c in conjunction with Sections 289c to 289e HGB and the EU Taxonomy Regulation and
the delegated acts adopted thereon, as well as with the executive directors’ interpretation presented in the section “Information
on the EU Taxonomy Regulation” of the non-financial reporting.
Our assurance engagement did neither cover the remuneration report referenced in the non-financial reporting, nor did it not cover
the external sources of documentation and websites including their content referenced in the non-financial reporting.
Restriction of Use
We issue this report as stipulated in the engagement letter agreed with the Company (including the “General Engagement Terms
for Wirtschaftsprüfer und Wirtschaftsprüfungsgesellschaften [German Public Auditors and Public Audit Firms]” dated 1 January
2017 of the Institute of Public Auditors in Germany). 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, this report is not
intended to be used by third parties as a basis for any (asset) decision.
We are solely responsible to the Company. However, we do not accept or assume liability to third parties. Our conclusion is not
modified in this respect.
Frankfurt/ Germany 12 March 2024
Deloitte GmbH
Wirtschaftsprüfungsgesellschaft
Signed:
Kirsten Gräbner-Vogel
Wirtschaftsprüferin
[German public auditor]
Signed:
Daniel Oehlmann
Wirtschaftsprüfer
[German public auditor]
249
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236
Further Information / Ten-Year Overview
Fraport Annual Report 2023
Ten-Year Overview
Consolidated income statement1)
€ million
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
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)
4,000.5
0.0
50.5
59.0
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
29.9
49.8
2,394.6
0.6
28.3
42.5
4,110.0
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
–1,637.3
–1,076.0
–1,101.6
–1,036.7
–192.7
1,204.0
–501.2
702.8
–217.0
84.5
–16.4
–148.9
553.9
–123.4
430.5
–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
1,180.3
–475.3
705.0
–165.0
46.1
3.9
–115.0
590.0
–135.7
454.3
–202.3
–193.9
1,129.0
1,003.2
–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
–211.7
1,054.1
–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
37.3
34.2
9.0
–32.8
33.6
31.8
29.5
24.9
20.5
17.1
393.2
4.26
4.26
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
Key figures
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
Operating cash flow in € million
863.2
787.3
392.6
–236.2
952.3
802.3
818.7
583.2
652.2
506.2
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
–741.0
32.2
17.7
7.3
11,383.8
6.0
38.05
0.00
–656.4
30.1
17.6
13.8
12,477.7
6.6
54.76
0.00
246.8
33.0
20.2
15.6
5,830.5
9.2
48.04
1.35
59,355,389 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
20,395
–772.3
35.3
14.6
5.4
10,208.6
3.4
59.18
0.00
–1,400.0
–14.9
–42.2
–55.6
9,249.3
–8.3
49.36
0.00
6.8
32.5
21.0
19.3
7,688.8
11.1
62.46
2.00
393.6
32.7
20.0
16.7
6,071.0
9.4
58.94
1.35
–373.5
31.9
19.0
15.9
8,952.4
8.8
75.78
0.00
393.1
34.2
21.9
17.2
6,965.8
10.0
91.86
1.50
301.7
40.8
26.8
22.5
6,069.2
11.4
56.17
1.50
18,419
20,322
21,961
17,840
20,720
21,164
18,850
20,673
22,514
Financial position key figures
Dec. 31,
2023
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
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
7,712.6
12,031.3
6.4
178.6
40.8
893.5
3,035.2
4,041.3
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
-2342.7
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
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.
250
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Fraport Annual Report 2023
Further Information / Ten-Year Overview
237
Consolidated statement of financial position1)
€ million
Dec. 31,
2023
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
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
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
Issued capital
Capital reserve
Revenue reserves
Equity attributable to shareholders of Fraport AG
Non-controlling interests
19.3
4,146.8
97.0
8,951.5
69.5
518.0
953.1
100.2
95.4
102.3
19.3
3,769.1
95.9
8,371.8
69.1
491.4
1173.4
87.2
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
15,053.1
14,236.7
12,991.3
11,971.2
11,576.9
10,106.4
9,779.3
7,697.7
7,926.3
8,081.3
28.0
271.5
1,085.2
42.5
2,410.5
3,837.7
0.1
923.9
598.5
2,796.3
4,318.7
273.6
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
1864.4
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
2,664.2
1,447.4
1,325.5
1,053.1
1,175.1
0.0
0.0
923.9
598.5
2,096.4
3,675.8
139.9
923.9
598.5
2,920.7
4,443.1
180.1
17.2
923.9
598.5
2,657.9
4,180.3
187.7
0.0
0.0
923.9
598.5
2,345.7
3,868.1
160.6
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
Shareholders’ equity
4,592.3
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
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
10,232.5
78.6
1,153.1
52.1
35.8
47.3
118.9
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
11,718.3
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
1,521.4
430.8
371.7
73.3
183.1
1209.6
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
2,580.3
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
Liabilities in the context of non-current assets
held for sale
0.0
12.1
8.1
0.0
0.0
8.8
0.0
0.0
0.0
4.3
Total assets
18,890.9
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
Change over the previous year in %
Dec. 31,
2023
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
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
+5.7
+9.6
+8.5
+3.4
+14.6
+3.3
+27.0
–2.9
–1.9
+10.5
+4.2
+3.7
–18.6
+11.2
+7.1
+3.5
+8.7
+7.0
79.7
22.9
80.9
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
0.0
0.0
89.7
34.4
251
Fraport Annual Report 2023To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther Information
238
238
Further Information / Glossary
Further Information / Glossary
Fraport Annual Report 2023
Fraport Annual Report 2023
Glossary
Glossary
Adjusted EBIT
Adjusted EBIT
EBIT + Earnings before taxes of the Group companies accounted for using the equity method
EBIT + Earnings before taxes of the Group companies accounted for using the equity method
Annual performance of the Fraport share
Annual performance of the Fraport share
(Year-end closing price of the Fraport share - previous year-end closing price + dividend per share) /
(Year-end closing price of the Fraport share - previous year-end closing price + dividend per share) /
previous year-end closing price
previous year-end closing price
Capital Employed
Capital Employed
Net financial debt + shareholders’ equity 1)
Net financial debt + shareholders’ equity 1)
Debt-to-equity ratio
Debt-to-equity ratio
Net financial debt/total assets
Net financial debt/total assets
Dividend yield
Dividend yield
Dividend per share/year-end closing price of the share
Dividend per share/year-end closing price of the share
Dynamic debt ratio
Dynamic debt ratio
Net financial debt/cash flow from operating activities (operating cash flow)
Net financial debt/cash flow from operating activities (operating cash flow)
Earnings per Share (EPS)
Earnings per Share (EPS)
Profit attributable to shareholders of Fraport AG/ weighted number of shares
Profit attributable to shareholders of Fraport AG/ weighted number of shares
EBIT
EBIT
Abbreviation for: earnings before interest and taxes
Abbreviation for: earnings before interest and taxes
EBIT margin
EBIT margin
EBIT/revenue
EBIT/revenue
EBITDA
EBITDA
Abbreviation for: earnings before interest, taxes, depreciation and amortization
Abbreviation for: earnings before interest, taxes, depreciation and amortization
EBITDA margin
EBITDA margin
EBITDA/revenue
EBITDA/revenue
EBT
EBT
Abbreviation for: earnings before taxes
Abbreviation for: earnings before taxes
Euribor
Euribor
Abbreviation for: European Interbank Offered Rate = Interest rate used by European banks when trading fixed-term deposits with
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.
each other. It is one of the most important reference interest rates, among European bonds, bearing floating interest payments.
1) Equity less non-controlling interests and the amount earmarked for distribution.
1) Equity less non-controlling interests and the amount earmarked for distribution.
252
To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther InformationFraport Annual Report 2023
Fraport Annual Report 2023
Further Information / Glossary
239
Fraport Assets
Further Information / Glossary
Fraport Annual Report 2023
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
239
Free cash flow
Fraport Assets
Cash flow from operating activities – effects resulting from the application of IFRS 16 – investments in airport operating projects
Goodwill + other intangible assets at cost/2 + investments in airport operating projects at cost/2 + construction in progress and
(excluding payments to acquire Group companies and concessions) – capital expenditure for other intangible assets – capital
lands at cost + other property, plant and equipment at cost/2 + carrying amounts of the group companies accounted for using the
expenditure in property, plant, and equipment – investments for “investment property” – capital expenditure in companies ac-
equity method and other investments + inventories + trade accounts receivable – current trade accounts payable
counted for using the equity method + dividends from companies accounted for using the equity method
Free cash flow
Gearing ratio
Cash flow from operating activities – effects resulting from the application of IFRS 16 – investments in airport operating projects
Net financial debt/shareholders’ equity 1)
(excluding payments to acquire Group companies and concessions) – capital expenditure for other intangible assets – capital
expenditure in property, plant, and equipment – investments for “investment property” – capital expenditure in companies ac-
Group-Liquidity
counted for using the equity method + dividends from companies accounted for using the equity method
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”
Gearing ratio
Net financial debt/shareholders’ equity 1)
Liquidity at Fraport AG
Cash and cash equivalents (as at the statement of financial position) + short-term realizable items in “financial assets” + short
Group-Liquidity
term realizable items in “other receivables and other assets” and “securities”
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”
Lost Time Injury Rate (LTIF)
Number of accidents at work/hours worked (in millions)
Liquidity at Fraport AG
Cash and cash equivalents (as at the statement of financial position) + short-term realizable items in “financial assets” + short
Market capitalization
term realizable items in “other receivables and other assets” and “securities”
Year-end closing price of the Fraport share × number of shares
Lost Time Injury Rate (LTIF)
Net financial debt
Number of accidents at work/hours worked (in millions)
Non-current financial liabilities + current financial liabilities – liquidity
Market capitalization
Net financial debt to EBITDA
Year-end closing price of the Fraport share × number of shares
Net financial debt/EBITDA
Net financial debt
Operating expenses
Non-current financial liabilities + current financial liabilities – liquidity
Material expenses + personnel expenses + other operating expenses
Net financial debt to EBITDA
Price-earnings ratio
Net financial debt/EBITDA
Year-end closing price of the Fraport share/earnings per share (basic)
Operating expenses
Return on revenue
Material expenses + personnel expenses + other operating expenses
EBT/revenue
Price-earnings ratio
Year-end closing price of the Fraport share/earnings per share (basic)
Return on revenue
EBT/revenue
1) Equity less non-controlling interests and the amount earmarked for distribution.
253
1) Equity less non-controlling interests and the amount earmarked for distribution.
Fraport Annual Report 2023To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther Information
240
Further Information / Glossary
Fraport Annual Report 2023
Return on shareholders’ equity
Profit attributable to shareholders of Fraport AG/shareholders’ equity
Revenue adjusted for IFRIC 12
Revenue according to the consolidated income statement – Contract revenue from construction and expansion services
according to IFRIC 12
ROFRA
Abbreviation for: return on Fraport assets = adjusted EBIT/Fraport assets
Shareholders’ equity ratio
Shareholders’ equity/total assets
Sickness rate
Sick days/planned days × 100 excluding absences beyond sick pay (so called extended sick leave)
Total employees
Employees of Fraport AG and fully-consolidated Group companies as at the balance sheet date (including temporary staff,
apprentices, and employees on leave)
Working capital
Current assets – trade accounts payable – other current liabilities
1) Equity less non-controlling interests and the amount earmarked for distribution.
254
To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther InformationFraport Annual Report 2023
Fraport Annual Report 2023
Further Information / Financial Calendar 2020 / Traffic Calendar 2020 / Imprint
241
Financial Calendar 2024
Tuesday, May 14, 2024
Interim Release Q1 2024, online publication, conference call
with analysts and investors
Tuesday, August 6, 2024
Interim Report Q2/6M 2024, online publication, conference
call with analysts and investors
Tuesday, May 28, 2024
Annual General Meeting 2024
Tuesday, November 5, 2024
Interim Release Q3/9M 2024, online publication, press
conference call, conference call with analysts and investors
Traffic Calendar 2024/2025
(Online publication)
Friday, April 12, 2024
March 2024/3M 2024
Wednesday, May 15, 2024
April 2024
Thursday, June 13, 2024
May 2024
Thursday, July 11, 2024
June 2024/6M 2024
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
Tuesday, August 13, 2024
July 2024
Thursday, December 12, 2024
November 2024
Thursday, September 12, 2024
August 2024
Thursday, January 16, 2025
December 2024/FY 2024
Montag, October 14, 2024
September 2024/9M 2024
Wednesday, November 13, 2024
October 2024
Photography/Design
Stefan Rebscher, Fraport AG / Frank Blümler, Frankfurt
The report was compiled with the system SmartNotes.
Editorial Deadline & Publication Date
March 11, 2024/ March 19, 2024
Disclaimer
In case of any uncertainties which arise due to errors in
translation, 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.
255
Fraport Annual Report 2023To Our ShareholdersCombined Management ReportConsolidated Financials StatementsGroup NotesFurther Information
Fraport AG
Frankfurt Airport Services Worldwide
Finanzen & Investor Relations
60547 Frankfurt am Main
www.fraport.com