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Ethiopian Airlines CEO believes in The New Spirit of Africa and pledges to work with Boeing

March 25, 2019 by Forimmediaterelease

Tewolde GebreMariam, Group CEO, Ethiopian Airlines issued a statement today.

He wrote: “It has been more than two weeks since the tragic crash of Ethiopian Airlines flight 302. The heartbreak for the families of the passengers and crew who perished will be lasting. This has forever changed their lives, and we at Ethiopian Airlines will feel the pain forever. I pray that we all continue to find strength in the weeks and months ahead.

The people of Ethiopia feel this very deeply, too. As a state-owned airline and the flagship carrier for our nation, we carry the torch for the Ethiopian brand around the world. In a nation that sometimes is saddled with negative stereotypes, accidents like this affect our sense of pride.

Yet this tragedy won’t define us. We pledge to work with Boeing and our colleagues in all the airlines to make air travel even safer.

As the largest aviation group on the continent of Africa, we represent The New Spirit of Africa and will continue to move forward. We are rated as a 4-star global airline with a high safety record and member of Star Alliance. That will not change.

Full Cooperation

The investigation of the accident is well underway, and we will learn the truth. At this time, I do not want to speculate as to the cause. Many questions on the B-737 MAX airplane remain without answers, and I pledge full and transparent cooperation to discover what went wrong.

As it is well known in our global aviation industry, the differences training between the B-737 NG and the B-737 MAX recommended by Boeing and approved by the U.S. Federal Aviation Administration called for computer-based training, but we went beyond that. After the Lion Air accident in October, our pilots who fly the Boeing 737 Max 8 were fully trained on the service bulletin issued by Boeing and the Emergency Airworthiness Directive issued by the USA FAA. Among the seven Full Flight Simulators that we own and operate, two of them are for B-737 NG and the B-737 MAX. We are the only airline in Africa among the very few in the world with the B-737 MAX full flight Simulator. Contrary to some media reports, our pilots who fly the new model were trained on all appropriate simulators.

The crews were well trained on this aircraft.

Immediately after the crash and owing to the similarity with the Lion Air Accident, we grounded our fleet of Max 8s. Within days, the plane had been grounded around the world. I fully support this. Until we have answers, putting one more life at risk is too much.

Belief in Boeing, U.S. Aviation

Let me be clear: Ethiopian Airlines believes in Boeing. They have been a partner of ours for many years. More than two-thirds of our fleet is Boeing. We were the first African airline to fly the 767, 757, 777-200LR, and we were the second nation in the world (after Japan) to take delivery of the 787 Dreamliner. Less than a month ago, we took delivery of yet another new two 737 cargo planes (a different version from the one that crashed). The plane that crashed was less than five months old.

Despite the tragedy, Boeing and Ethiopian Airlines will continue to be linked well into the future.

We also are proud of our association with U.S. aviation. The general public does not know that Ethiopian Airlines was founded in 1945 with help from Trans World Airlines (TWA). In the early years, our pilots, flight crews, mechanics and managers were actually employees of TWA.

In the 1960s, after the handoff, TWA continued in an advisory capacity, and we’ve continued to use American jets, American jet engines and American technology. Our mechanics are Federal Aviation Administration (FAA) certified.

Our first direct passenger service to the U.S. began in June 1998, and today we fly direct to Africa from Washington, Newark, Chicago and Los Angeles. This summer, we will begin flying from Houston. Our cargo flights connect in Miami, Los Angeles and New York.

U.S. travel to Africa has increased more than 10 percent in the last year, second only to travel to Europe in term of the percentage increase — traveling to Africa has increased more than traveling to Asia, the Middle East, Oceania, South America, Central America or the Caribbean. The future is bright, and Ethiopian Airlines will be here to meet the demand.

In less than a decade, Ethiopian Airlines has tripled the size of its fleet – we now have 113 Boeing, Airbus and Bombardier aircraft flying to 119 international destinations in five continents. We have one of the youngest fleet in the industry; our average fleet age is five years while industry average is 12 years. Moreover, we have tripled the passenger volume, now flying more than 11 million passengers annually.

Each year, our Aviation Academy trains more than 2,000 pilots, flight attendants, maintenance workers and other employees for Ethiopian Airlines and several other African airlines. We are the company others turn to for aviation expertise. In the last 5 years, we have invested more than half a Billion dollars in training and other infrastructure in our Addis Ababa base.

We will work with investigators in Ethiopia, in the U.S. and elsewhere to figure out what went wrong with flight 302.

We resolve to work with Boeing and others to use this tragedy to make the skies safer for the world.”

Travel News | eTurboNews

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Fraport 2018 Fiscal Year: Revenue and Earnings Increase Significantly

March 19, 2019 by Forimmediaterelease

Fraport

Boards propose dividend increase to EUR2 – Outlook remains positive
In the 2018 fiscal year (ending December 31), Fraport AG continued on
its growth path, achieving new records in revenue and earnings.
Supported by strong passenger growth at its Frankfurt Airport home
base and its Group airports worldwide, revenue climbed by 18.5
percent to nearly EUR3.5 billion. After adjusting for revenue related
to capital expenditure for expansion measures at the international
Group companies (based on IFRIC 12), revenue rose 7.8 percent to over
EUR3.1 billion. About two-thirds of this increase can be attributed
to Fraport’s international portfolio – with the airports in Brazil
and Greece, in particular, making a significant contribution.
Fraport AG’s executive board chairman Dr. Stefan Schulte said: “We
are pleased to look back on another very successful year, especially
for our Group airports around the world. Here in Frankfurt, however,
2018 presented challenges due to the constraints in European airspace
and the strong traffic demand. For the medium and long term, we are
very well positioned both at Frankfurt Airport and in our
international business. Moreover, we are laying the foundations for
further long-term growth by implementing our expansion projects.”
Revenue and earnings targets achieved
The operating result (Group EBITDA) climbed markedly by 12.5 percent
to over EUR1.1 billion. The Group result (net profit) rose even
stronger, by 40 percent to EUR505.7 million. This includes earnings
gained from the sale of Fraport’s stake in Hanover Airport, which
contributed EUR75.9 million. However, even without the positive
effects from the Hanover transaction, Fraport already achieved its
revenue and earnings targets. Operating cash flow slightly dipped by
2.0 percent to EUR802.3 million. This was mainly due to changes in
the net current assets related to the reporting date. After adjusting
for these changes, operating cash flow rose by 18.8 percent to
EUR844.9 million. In line with expectations, free cash flow fell
sharply by 98.3 percent, because of more extensive capital
expenditure for Frankfurt Airport and Fraport’s international
business, while remaining in positive territory at EUR6.8 million.
Given the positive business development, the Executive Board and
Supervisory Board will propose to the Annual General Meeting that the
dividend be raised to EUR2.00 per share for the 2018 fiscal year
(2017 fiscal year: EUR1.50 per share).
Passenger traffic rises noticeably at FRA and internationally
Serving some 69.5 million passengers, Frankfurt Airport (FRA)
achieved a new passenger record in 2018 and growth of 7.8 percent
compared to 2017.
CEO Schulte commented: “We are pleased that the airlines have
significantly expanded their flight offerings at Frankfurt Airport
for the second year in a row, thus improving connectivity and
prosperity for businesses far beyond the Frankfurt Rhine-Main Region.
Until the first pier of the new Terminal 3 opens in late 2021, we
will focus on maintaining a high level of service quality at
Frankfurt Airport – while dealing with the constraints affecting the
entire aviation industry. In particular, enhancing the situation at
the security checkpoints will be a top priority for us.”
In response to strong passenger growth, Fraport hired over 3,000 new
staff members at Frankfurt Airport in 2018. Despite the constraints
experienced at some central process points in the terminals during
peak periods – particularly at the security checkpoints – global
satisfaction of passengers with Frankfurt Airport was at 86 percent
in 2018 – thus even posting a slight increase compared to the
previous year (2017: 85 percent). To provide additional space for
security checkpoints, Fraport is investing in an extension to
Terminal 1 for installing seven extra security lanes in the summer of
2019.
Fraport’s international portfolio also posted a significant gain in
passenger traffic during 2018. In Brazil, the two airports of Porto
Alegre and Fortaleza reported a 7.0 percent increase to 14.9 million
passengers in 2018 – Fraport Brasil’s first year of operating these
airports. At the 14 Greek airports, traffic rose by almost 9 percent
to 29.9 million passengers. Antalya Airport in Turkey grew by a
significant 22.5 percent to 32.3 million travelers, a new historic
passenger record.
Outlook: Growth expected to continue
Fraport is forecasting sustained growth at all of the Group airports
in fiscal year 2019. At Frankfurt Airport, passenger volume is
expected to rise between around two and roughly three percent.
Fraport expects consolidated revenue to increase slightly up to
around EUR3.2 billion (adjusted for IFRIC 12). Group EBITDA is
expected to reach a range of around EUR1,160 million and
approximately EUR1,195 million, despite the non-recurring revenue
from the sale of Fraport’s stake in Hanover Airport. The application
of the IFRS 16 accounting standard – which changes the accounting
rules for leases – will not only make a positive contribution to
Group EBITDA, but will also lead to much higher depreciation and
amortization in fiscal year 2019. As a result, Fraport expects Group
EBIT to be in the range of about EUR685 million and around EUR725
million. The company also expects to post a Group result (net profit)
of around EUR420 million and about EUR460 million. The dividend per
share is expected to remain stable at the higher level of EUR2 for
the 2019 fiscal year.
Fraport’s four business segments at a glance
Revenue in the Aviation segment increased by 5.5 percent to slightly
over EUR1 billion. This was due partly to higher revenue from airport
charges resulting from increased passenger traffic at Frankfurt
Airport. At EUR277.8 million, segment EBITDA increased by 11.3
percent year-on-year, while segment EBIT rose 6.5 percent to EUR138.2
million.
Revenue from the Retail & Real Estate segment dropped 2.8 percent
year-on-year to EUR507.2 million. A major reason for this drop was
significantly fewer proceeds from the sale of land (EUR1.9 million in
the 2018 fiscal year versus EUR22.9 million for the same period in
2017). In contrast, parking income (+ EUR8.3 million) and retail
revenue (+ EUR0.8 million) grew. Net retail revenue per passenger
fell 7.4 percent year-on-year to EUR3.12. Segment EBITDA increased by
3.4 percent to EUR390.2 million, while segment EBIT climbed 2.8
percent to EUR302.0 million.
Revenue in the Ground Handling segment rose by 5.0 percent
year-on-year to EUR673.8 million. The strong growth in passenger
traffic resulted, in particular, in stronger revenue from ground
services and higher infrastructure charges. On the other hand,
passenger growth also led to higher personnel expenses at the
FraGround and FraCareS subsidiaries. Accordingly, segment EBITDA
declined by EUR7.0 million to EUR44.4 million. Segment EBIT dropped
considerably by 94 percent, but at EUR0.7 million still remained in
positive territory.
At nearly EUR1.3 billion, the International Activities and Services
segment significantly advanced by 58 percent compared to the previous
year. After adjusting for the EUR359.5 million in revenue related to
IFRIC 12, the segment’s revenue rose by 20.1 percent to EUR931.4
million. This revenue growth received major contributions from the
Group subsidiaries in Fortaleza and Porto Alegre (+ EUR90.9 million),
as well as Fraport Greece (+ EUR53.2 million). Segment EBITDA
increased a noticeable 28.3 percent to EUR416.6 million, while
segment EBIT jumped 40.7 percent to EUR289.6 million.
You can find our 2018 Annual Report and the presentation from the
press conference on our financial statements (as of 10:30 a.m.) on
the Fraport AG website.

MEDIA CONTACT: Fraport AG, Torben Beckmann, Corporate Communications, Media Relations, 60547 Frankfurt, Germany, E-mail: [email protected]

Travel News | eTurboNews

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