Fraport AG Convinced of Long-term Growth in the Air Cargo Industry

FRANKFURT/MAIN (ots/PROTEXT) - According to Fraport AGFrankfurt Airport Services Worldwide - owner and manager ofFrankfurt Airport (FRA) - the global air cargo industry has todeal with a temporary crisis but not structural change. Duringthe opening ceremony of the 12th International Frankfurt AirFreight Days conference tonight at the Frankfurt Airport SheratonHotel, Fraport AG's Executive Board Chairman Wilhelm Bender saidthat this strong confidence is based on past experience gainedfrom such events as the oil crisis, the Gulf War and the Asianeconomic crisis. Speaking to 200 key national and international decision makersin the cargo industry, Bender pointed out that Frankfurt Airporthas registered an average annual growth of 4.6 percent since1980. During this period, FRA's cargo volume increased from 0.6million to 1.6 million metric tons per year. "Other industrieswould be envious." Bender stated that Fraport AG is responding to the temporarydecline in FRA's airfreight traffic by adjusting the allocationof staff ("still no operations-related layoffs") and by re-examining all expense items, investments and capitalexpenditures. Fraport's CEO added that the past has taught usthat air cargo is a growth market "par excellence". But air cargois also a very sensitive market that reacts earlier than otherbranches to the cyclical fluctuations of the world economy. "Weexpect that, within a manageable time frame, we will be able tobuild on the industry's normal growth." Bender said that Frankfurt Airport experienced a negative 4.6-percent growth rate in air cargo for the first three quarters of2001. However, he warned not to let short-term trends block theview on long-term developments. It is intolerable "to leave theshaping of our world to terrorists". Also, the latest traffic development does not provide anyreasons to renew discussions on the necessity of airportexpansion, said Bender. "We will expand our capacities accordingto demand... The approval procedures are underway and we areproceeding entirely on schedule." ots Original Text Service:Fraport AG Internet: http://www.presseportal.de For MoreInformation, Please Contact: Fraport AG Frankfurt AirportServices Worldwide Attn: Robert A. Payne - Manager InternationalPress 60547 Frankfurt am Main, Germany Tel.: +49 69 690 -78547(with voice mailbox) Fax: +49 69 690 -60548 E-Mail:r.payne@fraport.de Internet: www.fraport.de (click on "PressLounge")

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