Fraport Records Good 2001 Results in a Difficult Year for Aviation 2.9 percent revenue increase - Euro 101 million profit - Dividend of Euro 0.40 per share rec

Frankfurt, Germany (ots) - Fraport AG Frankfurt AirportServices Worldwide, again recorded positive business results inwhat was an extremely difficult year for the global aviationindustry. Despite negative influences resulting from the pilots'strike, the economic slowdown, and the 9/11 terror attacks,consolidated profit reached Euro 101.1 million for fiscal year2001.

Group revenues rose by 2.9 percent over 2000 to almost Euro1,581 million. Earnings before interest, tax, depreciation andamortization (EBITDA) were Euro 507.2 million. Speaking at theCompany's fiscal 2001 press conference in Frankfurt, Dr. WilhelmBender, Chairman of the Executive Board of Fraport AG, stressedthat the 4.9 percent decrease from the previous year was withinthe range announced to the capital market. "Despite the negativefactors of 2001, both figures exceeded the budget estimate,"said Bender, "even though, we were unable to reach the recordresults of 2000. "

Factors contributing to this positive sales developmentincluded: an increase in airport and infrastructure charges, anexpansion in the number of companies included in theconsolidated financial statements (by eight to a total of 46),as well as higher proceeds from rents and sales-linked revenues.

Total Group revenues rose by almost six percent to Euro 1.7billion. Material expenditures increased by well over 10percent on the previous year to Euro 507 million, personnelexpenses grew nine percent to Euro 689 million - mainly becauseof the first-time consolidation of personnel-intensivesubsidiaries and because of an increase in standard pay rates,introduction of a new performance and success-related pay systemand special expenditures for the employee stock- purchasingprogram within the context of the initial public offering (IPO).On the annual average, the Fraport Group employed a total of15,526 people.

Consolidated profit (net earnings) of Euro101.1 milliondropped about 22 percent below the previous year's level. On thebasis of the weighted average of shares issued, earnings pershare came to Euro 1.28; on the basis of all shares qualifyingfor a dividend, earnings per share amounted to Euro 1.12. TheExecutive Board and Supervisory Board will recommend a dividendof 40 euro-cents per share at the Annual General Meeting forshareholders on June 26.

For the first time, Fraport reported consolidated trafficfigures for Frankfurt, Hanover, Saarbrücken, Hahn, Antalya andLima airports. Group-wide, the number of air passengersincreased slightly by 0.2 percent to a stable total of 67.9million passengers. Airfreight and airmail grew by 1.8 percentto 1.9 million metric tons; the number of aircraft movements atthe above Fraport airports decreased 1.1 percent to just under719,000.

At Frankfurt Airport (FRA), passenger figures dropped only1.6 percent below the peak year of 2000 to 48.6 million.Accounting for 71.6 percent of the Group's passenger traffic andover 86 percent of the cargo tonnage, FRA is the Group's mostimportant location. Because of the terror attacks in Septemberand the resulting passenger decline of 13.9 percent in Octoberand 10.9 percent in November, the Company had "expected farworse," said Bender.

Airfreight at FRA decreased by six percent to just under 1.5million metric tons in 2001. With 460,000 takeoffs and landings,the number of aircraft movements at FRA dropped 0.5 percentbelow the previous year's level to just under 460,000. TheMaximum Takeoff Weights (MTOWs) - particularly important fordetermining takeoff and landing charges -- was 0.8 percent abovethe year 2000.

Fraport AG anticipates traffic at FRA to pick up againalready in the second half of the current year and expects highgrowth potential at its home airport in the medium and longterm. Consequently, FRA's planned airport expansion is the mostimportant project in the coming years, Bender explained.Following the soon-to-be-completed regional planning procedureon airport expansion (Raumordnungsverfahren or ROV), the zoningor plan approval procedure (Planfest- stellungsverfahren) for anew runway will get underway later this year. The new runway(for landings only) is scheduled to go into operation in 2006.

"We are doing everything possible to ensure that airportexpansion will be on schedule, within budget and environmentallyfocused," emphasized Fraport's chairman. "Furthermore, we dothis in consensus with the majority of the people in the regionand will consistently adhere to the findings of the mediationprocedure."

Proceeds from Fraport AG's IPO last June are the primaryfinancial basis for FRA's planned expansion. Out of the Euro 863million net proceeds from the IPO and a capital contribution bythe original shareholders, about Euro 360 million was used toreduce high-interest bank loans. The Company has invested Euro525 million from the IPO in a special fund for the medium term.

Regarding the terminal project in Manila, the Company hasdecided not to provide any further funding within the frameworkof the interim financing for the PIATCO project company, untilprogress has been made in current discussions with thePhilippine government and negotiations with the Fraport partners.Construction progress of the new international passenger terminalin Manila is on schedule and inauguration is planned for the endof 2002. "We have contracts, which we believe will be honored bythe other contract partners in the same way as we will fulfillthese contracts. We are working intensively on a solution to theproblem," stressed Bender.

For the current business year, Fraport expects trafficdevelopment overall to stabilize, however at a slightly lowerlevel than in 2001. For 2002, the Company is striving to achievea stable EBITDA compared to the previous year and anticipatesconsolidated profits to also reach the level of the previousyear. ots Original Text Service: Fraport AG Internet:http://www.presseportal.de For More Information, Please Contact: Fraport AG FrankfurtAirport Services Worldwide Attn: Robert A. Payne - ManagerInternational Press 60547 Frankfurt am Main, Germany Tel.: +49 69690 -78547 / Fax: +49 69 690 -60548 E-Mail:r.payne@fraport.de Internet: www.fraport.de

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