Fraport : Consolidated Financial Statements for the 2023 fiscal year

Fraport Annual Report 2023

To Our Shareholders

Combined Management Report

Consolidated Financials Statements

Group Notes

Further Information

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 EU taxonomy. This makes it the "green financing" of Fraport AG.

Consolidated Financials Statements for the 2023 Fiscal Year

1. Consolidated Income Statement
2. Consolidated Statement of Comprehensive Income
3. Consolidated Statement of Financial Position
4. Consolidated Statement of Cash Flows
5. Consolidated Statement of Changes in Equity

137

Fraport Annual Report 2023

To Our Shareholders

Combined Management Report

Consolidated Financials Statements

Group Notes

Further Information

Consolidated Income Statement

€ million	Notes	2023	2022
Revenue	(5)	4,000.5	3,194.4
Other internal work capitalized	(6)	50.5	39.9
Other operating income	(7)	59.0	139.3
Total revenue		4,110.0	3,373.6
Cost of materials	(8)	-1,637.3	-1,101.6
Personnel expenses	(9)	-1,076.0	-1,036.7
Depreciation and amortization	(10)	-501.2	-465.3
Other operating expenses	(11)	-192.7	-205.5
Operating result		702.8	564.5
Interest income	(12)	100.9	53.0
Interest expenses	(12)	-317.9	-313.5
Result from companies accounted for using the equity method	(13)	84.5	77.0
Other financial result	(14)	-16.4	-147.1
Financial result		-148.9	-330.6
Result from ordinary operations		553.9	233.9
Taxes on income	(15)	-123.4	-67.3
Group result		430.5	166.6
thereof profit attributable to non-controlling interests		37.3	34.2
thereof profit attributable to shareholders of Fraport AG		393.2	132.4
Earnings per €10 share in €	(16)
basic		4.26	1.43
diluted		4.26	1.43
EBITDA (= EBIT + depreciation and amortization)		1,204.0	1,029.8
EBIT (= operating result)		702.8	564.5

138

Fraport Annual Report 2023

To Our Shareholders

Combined Management Report

Consolidated Financials Statements

Group Notes

Further Information

Consolidated Statement of Comprehensive Income

€ million	2023	2022
Group result	430.5	166.6
Remeasurements of defined benefit pension plans	-2.9	11.0
(Deferred taxes related to those items	0.9	-3.4)
Equity instruments measured at fair value	-12.5	21.2
Other comprehensive income of companies accounted for using the equity method	0.4	0.0
(Deferred taxes related to those items	-0.1	0.0)
Items that will not be reclassified subsequently to profit or loss	-14.2	28.8
Fair value changes of derivatives
Changes directly recognized in equity	18.0	11.5
realized gains (+)/losses (-)	7.9	8.3
	10.1	3.2
(Deferred taxes related to those items	-2.2	-1.0)
Debt instruments measured at fair value
Changes recognized directly in equity	30.0	-61.9
realized gains (+)/losses (-)	0.0	0.0
	30.0	-61.9
(Deferred taxes related to those items	-9.1	19.2)
Currency translation of foreign subsidiaries
Changes recognized directly in equity	-10.2	51.6
realized gains (+)/losses (-)	0.0	0.0
	-10.2	51.6
Income and expenses from companies accounted for using the equity method directly recognized in equity
Changes recognized directly in equity	0.2	0.0
realized gains (+)/losses (-)	-8.7	33.4
	8.9	-33.4
(Deferred taxes related to those items	0.0	0.0)
Items that will be reclassified subsequently to profit or loss	27.5	-22.3
Other result	13.3	6.5
Comprehensive income	443.8	173.1
thereof attributable to non-controlling interests	34.5	39.4
thereof attributable to shareholders of Fraport AG	409.3	133.7

139

Fraport Annual Report 2023

To Our Shareholders

Combined Management Report

Consolidated Financials Statements

Group Notes

Further Information

Consolidated Statement of Financial Position

Assets

€ million	Notes	December 31, 2023	December 31, 2022
Non-current assets
Goodwill	(17)	19.3	19.3
Investments in airport operating projects	(18)	4,146.8	3,769.1
Other intangible assets	(19)	97.0	95.9
Property, plant, and equipment	(20)	8,951.5	8,371.8
Investment property	(21)	69.5	69.1
Investments in companies accounted for using the equity method	(22)	518.0	491.4
Other financial assets	(23)	953.1	1,173.4
Other financial receivables and assets	(24)	100.2	87.2
Other non-financial receivables and assets	(25)	95.4	129.4
Deferred tax assets	(27)	102.3	159.5
		15,053.1	14,366.1
Current assets
Inventories	(28)	28.0	25.5
Trade accounts receivable	(29)	271.5	177.1
Other current financial assets	(23)	849.2	269.7
Other current financial receivables and assets	(24)	112.2	55.2
Other current non-financial receivables and assets	(25)	123.8	84.1
Income tax receivables	(26)	42.5	33.3
Cash and cash equivalents	(30)	2,410.5	2,585.2
		3,837.7	3,230.1
Non-current assets held for sale	(2)	0.1	11.4
Total		18,890.9	17,607.6

Liabilities and equity

€ million		Notes	December 31, 2023		December 31, 2022
Shareholders´ equity
Issued capital		(31)	923.9		923.9
Capital reserve		(31)	598.5		598.5
Revenue reserves		(31)	2,796.3		2,387.0
Equity attributable to shareholders of Fraport AG		(31)	4,318.7		3,909.4
Non-controlling interests		(32)	273.6		222.5
			4,592.3		4,131.9
Non-current liabilities
Financial liabilities		(33)	10,232.5		9,716.0
Trade accounts payable		(34)	78.6		62.3
Other financial liabilities		(35)	1,090.2		1,098.1
Other non-financial liabilities		(36)	62.9		69.9
Deferred tax liabilities		(37)	52.1		41.3
Provisions for pensions and similar obligations		(38)	35.8		31.7
Provisions for income taxes		(39)	47.3		77.0
Other provisions		(40)	118.9		136.3
			11,718.3		11,232.6
Current liabilities
Financial liabilities		(33)	1,521.4		1,209.6
Trade accounts payable		(34)	430.8		444.4
Other current financial liabilities		(35)	150.9		190.3
Other current non-financial liabilities		(36)	220.8		162.8
Provisions for income taxes		(39)	73.3		24.7
Other provisions		(40)	183.1		199.2
			2,580.3		2,231.0
Liabilities related to assets held for sale		(2)	0.0		12.1
Total			18,890.9		17,607.6

140

Fraport Annual Report 2023

To Our Shareholders

Combined Management Report

Consolidated Financials Statements

Group Notes

Further Information

Consolidated Statement of Cash Flows

€ million	Notes	2023	2022
Result attributable to shareholders of Fraport AG		393.2	132.4
Result attributable to non-controlling interests		37.3	34.2
Adjustments for
Taxes on income	(15)	123.4	67.3
Depreciation and amortization	(10)	501.2	465.3
Interest result	(12)	217.0	260.5
Gains/losses from disposals of non-current assets		2.1	1.3
Others		-14.9	67.8
Changes in the measurement of companies accounted for using the equity method	(13)	-84.5	-77.0
Changes in inventories	(28)	-2.6	-5.0
Changes in receivables and financial assets	(24 - 25), (29)	-115.9	-74.1
Changes in liabilities	(34 - 36)	63.3	96.4
Changes in provisions	(37 - 40)	-46.0	-7.8
Operating activities		1,073.6	961.3
Financial activities
Interest paid		-205.2	-156.6
Interest received		50.6	19.6
Paid taxes on income		-55.8	-37.0
Cash flow from operating activities	(43)	863.2	787.3
Investments in airport operating projects	(18)	-579.6	-407.1
Investments for other intangible assets	(19)	-7.7	-4.7
Capital expenditure for property, plant, and equipment	(20)	-942.9	-741.6
Investments for "Investment property"	(21)	-1.3	-0.1
Investments in companies accounted for using the equity method	(22)	0.0	-377.3
Sale of consolidated subsidiaries	(2)	-10.6	0.0
Sale of shares in companies accounted for using the equity method	(2)	0.8	173.5
Dividends from companies accounted for using the equity method	(22)	57.1	50.7
Proceeds from disposal of non-current assets		1.6	0.8
Cash flow used in investing activities excluding investments in cash deposits and securities		-1,482.6	-1,305.8
Financial investments in securities and promissory note loans	(23)	-838.1	-812.3
Proceeds from disposal of securities and promissory note loans		496.1	364.9
Changes in time deposits with a term of more than three months	(30)	5.7	537.2
Cash flow used in investing activities	(43)	-1,818.9	-1,216.0
Dividends paid to non-controlling interests		-13.9	0.0
Capital increase non-controlling interests		33.7	0.0
Transactions with non-controlling interests	(2)	0.0	82.3
Cash inflow from long-term financial liabilities	(33)	2,055.3	2,011.6
Repayment of non-current financial liabilities		-923.9	-1,307.2
Changes in current financial liabilities		-355.8	95.6
Cash flow used in financing activities	(43)	795.4	882.3
Change in restricted cash		13.1	-64.6
Change in cash and cash equivalents		-147.2	389.0
Cash and cash equivalents as at January 1		826.2	431.2
Foreign currency translation effects on cash and cash equivalents		-8.7	6.0
Cash and cash equivalents as at December 31	(30), (43)	670.3	826.2

141

Fraport Annual Report 2023

To Our Shareholders

Combined Management Report

Consolidated Financials Statements

Group Notes

Further Information

Consolidated Statement of Changes in Equity

€ million

Notes

Issued capital

Capital reserve

As at January 1, 2023		923.9	598.5
Foreign currency translation effects		-	-
Income and expenses from companies accounted for using the equity method directly recognized in equity		-	-
Remeasurement of defined benefit plans		-	-
Equity instruments measured at fair value		-	-
Debt instruments measured at fair value		-	-
Fair value changes of derivatives		-	-
Other result		0.0	0.0
Distributions		-	-
Group result		-	-
Transactions with non-controlling interests		-	-
Capital increase non-controlling interests		-	-
As at December 31, 2023	(31),(32)	923.9	598.5
As at January 1, 2022		923.9	598.5
Foreign currency translation effects		-	-
Income and expenses from companies accounted for using the equity method directly recognized in equity		-	-
Remeasurement of defined benefit plans		-	-
Equity instruments measured at fair value		-	-
Debt instruments measured at fair value		-	-
Fair value changes of derivatives		-	-
Other result		0.0	0.0
Distributions		-	-
Group result		-	-
Transactions with non-controlling interests		-	-
As at December 31, 2022	(31),(32)	923.9	598.5

142

Fraport Annual Report 2023

To Our Shareholders

Combined Management Report

Consolidated Financials Statements

Group Notes

Further Information

	Revenue reserves	Foreign	Financial	Revenue reserves	Equity	Non-controlling	Shareholders' equity
		currency reserve	instruments	(total)	attributable to	interests	(total)
					shareholders
					of Fraport AG
2,439.3	-92.7	40.4	2,387.0	3,909.4	222.5	4,131.9
	-	-5.8	-	-5.8	-5.8	-4.4	-10.2
0.3	0.9	8.0	9.2	9.2	-	9.2
	-2.0	-	-	-2.0	-2.0	-	-2.0
	-	-	-12.5	-12.5	-12.5	-	-12.5
	-	-	20.9	20.9	20.9	-	20.9
	-	-	6.3	6.3	6.3	1.6	7.9
	-1.7	-4.9	22.7	16.1	16.1	-2.8	13.3
	-	-	-	-	-	-13.9	-13.9
393.2	-	-	393.2	393.2	37.3	430.5
	-	-	-	-	-	-3.2	-3.2
	-	-	-	-	-	33.7	33.7
2,830.8	-97.6	63.1	2,796.3	4,318.7	273.6	4,592.3
2,276.7	-106.4	60.4	2,230.7	3,753.1	155.9	3,909.0
	-	47.1	-	47.1	47.1	4.5	51.6
	-	-33.4	-	-33.4	-33.4	-	-33.4
7.6	-	-	7.6	7.6	-	7.6
	-	-	21.2	21.2	21.2	-	21.2
	-	-	-42.7	-42.7	-42.7	-	-42.7
	-	-	1.5	1.5	1.5	0.7	2.2
7.6	13.7	-20.0	1.3	1.3	5.2	6.5
	-	-	-	-	-	-	-
132.4	-	-	132.4	132.4	34.2	166.6
22.6	-	-	22.6	22.6	27.2	49.8
2,439.3	-92.7	40.4	2,387.0	3,909.4	222.5	4,131.9

143

Fraport Annual Report 2023

To Our Shareholders

Combined Management Report

Consolidated Financials Statements

Group Notes

Further Information

144

Fraport Annual Report 2023

To Our Shareholders

Combined Management Report

Consolidated Financials Statements

Group Notes

Further Information

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 2023

To Our Shareholders

Combined Management Report

Consolidated Financials Statements

Group Notes

Further Information

Consolidated Statement of Changes in Non-current Assets

(Note 17 to 21)

€ million	Goodwill	Investments	Other intangible
		in airport operating	assets
Acquisition/production costs		projects
As at January 1, 2023	132.3	4,539.1	272.4
Foreign currency translation effects	0.0	-17.7	-0.4
Additions	0.0	536.9	7.7
Disposals	0.0	-20.7	-29.5
Reclassifications	0.0	-0.8	7.4
As at December 31, 2023	132.3	5,036.8	257.6
Accumulated depreciation and amortization
As at January 1, 2023	113.0	770.0	176.5
Foreign currency translation effects	0.0	-6.5	-0.4
Additions	0.0	130.6	14.0
Disposals	0.0	-0.5	-29.5
Reclassifications	0.0	-3.6	0.0
As at December 31, 2023	113.0	890.0	160.6
Residual carrying amounts
As at December 31, 2023	19.3	4,146.8	97.0
Acquisition/production costs
As at January 1, 2022	132.3	4,053.4	265.1
Foreign currency translation effects	0.0	122.3	2.3
Additions	0.0	374.1	4.7
Disposals	0.0	-9.1	-4.8
Reclassifications	0.0	-1.6	5.2
IFRS 5 reclassifications	0.0	0.0	-0.1
As at December 31, 2022	132.3	4,539.1	272.4
Accumulated depreciation and amortization
As at January 1, 2022	113.0	637.0	159.3
Foreign currency translation effects	0.0	19.5	1.2
Additions	0.0	113.5	17.4
Impairment losses	0.0	0.0	3.4
Disposals	0.0	0.0	-4.8
Reclassifications	0.0	0.0	0.0
As at December 31, 2022	113.0	770.0	176.5
Residual carrying amounts
As at December 31, 2022	19.3	3,769.1	95.9

146