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Fraport Executive and Supervisory Boards Report at AGM 2023

, Fraport Executive and Supervisory Boards Report at AGM 2023, eTurboNews | eTN
image courtesy of Fraport
Harry Johnson
Written by Harry Johnson

Fraport CEO highlighted the achievements of the past business year, while taking an optimistic view overall of the next few months.

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Fraport AG’s regular Annual General Meeting (AGM) for shareholders began at 9:00 a.m. CEST on May 23 (today), as scheduled.

The AGM is being held in a virtual-only format. Shareholders or their authorized representatives can exercise their rights via Fraport’s AGM online portal.

In his previously published speech to the AGM, Fraport CEO Dr. Stefan Schulte highlighted the achievements of the past business year, while taking an optimistic view overall of the next few months: “The year 2022 marked the long-awaited end of the coronavirus pandemic. With travel restrictions being largely lifted, demand from leisure travelers, in particular, rose sharply from March last year. In the second half of the year, we also saw a noticeable pick-up in business travel. This trend is continuing into the new year.”

“Our mainly leisure-dominated Group airports worldwide continued to recover more rapidly than the Frankfurt hub with its more complex demand structure.”

“The Greek airports, in particular, performed well: in 2022, they welcomed around four percent more passengers than in pre-crisis 2019, achieving a new all-time high. More than 57 percent of the operating result, i.e. our earnings before interest, taxes, depreciation and amortization, was generated by Fraport’s international business in 2022. This underscores how economically significant our global operations now are to us as an airport company.”

CEO Schulte is also confident about Fraport’s financial performance for the current 2023 business year: “With passenger numbers in Frankfurt expected to reach between 80 and 90 percent of 2019 levels, our earnings situation will further improve in 2023. This will also be supported by the expected ongoing traffic growth at our subsidiary airports. We expect the Group result to increase significantly, to a range of between around €300 million and €420 million.”

About the author

Harry Johnson

Harry Johnson

Harry Johnson has been the assignment editor for eTurboNews for mroe than 20 years. He lives in Honolulu, Hawaii, and is originally from Europe. He enjoys writing and covering the news.

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