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Fraport reports solid revenue and earnings performance in first nine months of 2019

November 6, 2019 by PressEditor

Fraport AG continued its growth trend in the first nine months of the 2019 business year, achieving an increase in both revenue and earnings.

This positive performance was driven by solid traffic growth at Frankfurt Airport (FRA) and the Fraport Group’s airports worldwide. However, the growth momentum has been slowing down during the year to date.

Fraport AG’s executive board chairman, Dr. Stefan Schulte, said: “Our industry is being impacted by the weaker global economy and consolidation of the European aviation market. Furthermore, regulatory interventions by the German government – such as the planned increase to the national air traffic tax – are also affecting our sector.

After a phase of rapid traffic growth, airlines are cutting back their plans and thinning out their winter schedules. Nevertheless, we are maintaining our full-year outlook for the 2019 business year – also backed by the ongoing positive performance of our Group airports worldwide. Thanks to Fraport’s large and diversified portfolio of international airports, we are well positioned for the future.”

International activities boost growth in revenue and earnings

In the January-to-September 2019 period, Fraport’s Group revenue increased by 12.0 percent to €2,852.2 million year-on-year. After adjusting for proceeds related to expansion investments at the Group‘s airports worldwide (based on
IFRIC 12), revenue rose by 5.2 percent to €2,486.7 million. At Frankfurt Airport, factors contributing to revenue growth included higher proceeds from ground handling services, airport and infrastructure charges, as well as security services. Retail, parking and advertising revenue also increased significantly. However, Fraport’s international portfolio clearly continued to be the largest revenue driver. In particular, the Group company in Lima (up €30.5 million), Fraport Greece (up €25.4 million) and Fraport USA (up €21.8 million) contributed substantially to the Group’s adjusted revenue growth.

The operating result or Group EBITDA (earnings before interest, taxes, depreciation and amortization) rose by 7.7 percent to €948.2 million in the nine-month reporting period. The first-time application of IFRS 16 had a positive effect on EBITDA, adding €34.0 million year-on-year. From the beginning of January 2019, the mandatory IFRS 16 international financial reporting standard establishes new rules for the accounting of leases – specifically affecting the accounting of lease contracts concluded by Fraport USA. At the same time, the application of IFRS 16 alone resulted in a €32.8 million increase in depreciation and amortization. Group EBIT saw a correspondingly moderate rise of 2.6 percent to €595.3 million. The Group result (or net profit) grew noticeably by 9.4 percent to €413.5 million. This was due to the improved operating result, as well as the markedly higher contribution from the Group subsidiary in Antalya, which is consolidated using the at equity method.

Solid traffic performance achieved despite slowing growth momentum

Passenger traffic at Frankfurt Airport advanced by a solid 2.3 percent to about 54.2 million travelers during the first nine months of the year. This growth momentum, however, decelerated noticeably over the course of the year. Based on current planning by the airlines, FRA will see a four percent reduction in the number of flights for the 2019/20 winter schedule (effective October 27) compared to the same schedule in the previous year. This reduction is due entirely to the 5.6 percent decline in European traffic, while scheduled intercontinental flights will climb by nearly 2 percent.

Fraport’s Group airports worldwide also saw passenger traffic largely increase in the first nine months, despite some airlines reducing flight offerings or even filing for bankruptcy. Only at the Fraport Twin Star airports of Varna and Burgas, combined passenger traffic dropped noticeably by 11.6 percent year-on-year.

Outlook confirmed

Fraport AG’s executive board is maintaining its full-year traffic outlook for Frankfurt Airport. Given the reduction in flight offerings for the current winter schedule, FRA’s passenger growth is expected to reach the lower end of the forecast range of about 2 percent to 3 percent. The executive board is also maintaining the financial outlook for the full 2019 business year. Group EBITDA is expected to be reach between approximately €1,160 million and €1,195 million, while Group EBIT is forecast between about €685 million and €725 million. Group EBT is projected to be around €570 million to €615 million, and the Group result (net profit) between approximately €420 million and €460 million.

MEDIA CONTACT: Torben Beckmann, Fraport AG, Corporate Communications, Media Relations, 60547 Frankfurt, Germany, E-mail:  [email protected] , Facebook:  www.facebook.com/FrankfurtAirport

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Filed Under: Travel & Tourism Tagged With: EBT, fra, Fraport, Group EBT, Revenue, €

J$1 Billion in Revenue generated from Reggae Sumfest, says Bartlett

July 22, 2019 by PressEditor

Jamaica Tourism Minister Hon. Edmund Bartlett has indicated that J$ 1Billion was generated at the just concluded Reggae Sumfest music festival held at Catherine Hall in Montego Bay.

“This year was arguably the largest Reggae Sumfest in terms of attendance from both local and overseas guests. On the visitor arrival side, we saw approximately 10,000 people coming to the island for the festival which is an increase of 3000 over last year.

More importantly we estimate the revenue impact from the festival to be $J1 Billion based on average room nights stay of locals and visitors and taxes,” said Minister Bartlett.

Reggae Sumfest, which began in 1993, has been described as the largest music festival in Jamaica and the Caribbean, taking place each year in mid-July in Montego Bay. It attracts crowds of all ages from all over the world and locally and has featured a variety of Jamaican reggae artists as well as international acts.

Jamaica Tourism Minister: Reggae Sumfest generates J$1 billion
Minister of Tourism, Hon. Edmund Bartlett (R) engages in discussion with Prime Minister, the Most Honourable Andrew Holness at the Jamaica Tourist Board booth at Reggae Sumfest held at Catherine Hall in Montego Bay. Minister Bartlett has indicated that the estimated revenue impact of the festival is J$1 Billion.

Minister Bartlett added that, “The success of entertainment festivals such as Sumfest augurs well for tourism as it boosts arrivals and has a major economic impact in and around Montego Bay.

Through these types of events, hotels both large and small, attractions and smaller players in the sector get to truly benefit from the extensive value chain of tourism.”

The weeklong festival usually kicks off with the Sumfest Beach Party  which is followed with a series of events including a free Street Dance. Then there are two nights of the main festival with live performances featuring some of the best Dancehall and Reggae Artists in the world.

Media Contact:

Corporate Communications

Ministry of Tourism

64 Knutsford Boulevard

Kingston 5

Tel: (876) 920-4926-30

Fax: (876) 906 1729

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Filed Under: Travel & Tourism Tagged With: Bartlett, billion, festivals, ministry, Reggae, Revenue, Sumfest

FRAPORT: Revenue and earnings increase – Outlook confirmed

May 8, 2019 by PressEditor

The Fraport Group has successfully started off the new business year, achieving higher revenue and earnings in the first three months of 2019.

Supported by solid passenger growth at Frankfurt Airport and almost all of Fraport’s airports worldwide, Group revenue rose by 17.9 percent to EUR803.8 million. Adjusted for revenue in connection with capital expenditure for expansion projects at Fraport’s Group companies worldwide (according to IFRIC 12), revenue grew by 5.3percent to EUR678.5 million. At Frankfurt Airport (FRA), traffic growth led to higher revenue, particularly from ground handling services, as well as security services and infrastructure charges.

Moreover, the retail and parking businesses had a positive impact on revenue. In Fraport’s international portfolio, major contributions came, in particular, from the Lima (Peru) and the Fraport USA Group companies. In the U.S. market, Fraport recently took over management of retail areas at New York-JFK’s Terminal 5 (April 2018) and at Nashville International Airport (February 2019).

The operating result or Group EBITDA (earnings before interest, taxes, depreciation and amortization) advanced by 14.8 percent to EUR200.6 million in the reporting period. This amount includes a EUR10.9 million positive effect, resulting from the application of IFRS 16 (effective January 1, 2019). The positive effect is offset by additional amortization and depreciation in the amount of EUR10.4 million and a EUR2.8 million increase in interest. Establishing new rules for the accounting of leases, the IFRS 16 standard specifically affects lease contracts between the Fraport USA Group company and respective concession lessors. Thus, Group EBIT climbed by 4.6 percent to EUR86.1 million. Supported by a better interest result, the financial result improved from minus EUR56.1 million in Q1 2018 to minus EUR49.6 million in the first quarter of 2019.

Correspondingly, Group EBT soared by 39.3 percent to EUR36.5 million, while the Group result (net profit) jumped 42.9 percent to EUR28.0 million.

Commenting on the Group’s positive business performance in the first quarter of 2019, Fraport AG’s executive board chairman, Dr. Stefan Schulte, said: “We had a robust start to the new business year, supported once more by the ever growing contributions to revenue and earnings from our Group airports worldwide. In Frankfurt, we successfully managed the first stress test of 2019 during the busy

Easter travel period. Together with our partners, we will continue striving to accommodate the high demand of our customers in the best possible way. To achieve this goal, we will further optimize andstreamline processes and improve infrastructure utilization, as well as vigorously moving our expansion projects forward.”

Operating cash flow jumped noticeably by 60.2 percent to EUR129.0 million in the first three months of 2019, reflecting the positive operational performance across the Group’s airports. When adjusting for the changes in net current assets included in the statement of cash flows, operating cash flow improved by EUR12.6 million or 9.1  percent. Despite increased operating cash flow, free cash flow dropped strongly to minus EUR245.9 million in the first quarter of 2019, due to higher capital expenditure both at Frankfurt Airport and in the international business (Q1 2018:  minus EUR66.9 million).

FRA welcomed almost 14.8 million passengers from January to March 2019, up 2.5 percent year-on-year. FRA achieved this increase despite the fact that traffic in March 2018 received an additionally boost from the earlier timing of the Easter school holidays. This year, in comparison, the Easter break fell during April. Fraport’s Groupairports worldwide largely reported positive traffic performance, although the different timing of the Easter holidays impacted some Group airports serving tourist destinations.

Following the end of the first quarter of this year, the Executive Board maintains its forecasts for fiscal year 2019.

You can find our Interim Release Q1 2019 (http://ots.de/HFMbNo) on the Fraport AG website.

MEDIA CONTACT: Torben Beckmann, Fraport AG, Corporate Communications, Media Relations, 60547 Frankfurt, Germany, E-mail:  [email protected] , Facebook:  www.facebook.com/FrankfurtAirport

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Filed Under: Travel & Tourism Tagged With: Frankfurt Airport, Fraport, Group, million, Revenue, U.S

Boeing scraps 2019 financial forecast, halts share buybacks in wake of 737 MAX disaster

April 24, 2019 by Forimmediaterelease

World’s biggest aerospace corporation was forced to pull its full financial forecast for the current year due to unresolved issues surrounding Boeing’s once best-selling 737 MAX aircraft.

Boeing also announced plans to pause share buybacks, citing “a challenging time for our customers, stakeholders and the company.”

“Across the company, we are focused on safety, returning the 737 MAX to service, and earning and re-earning the trust and confidence of customers, regulators and the flying public,” Boeing Chairman and CEO Dennis Muilenburg said in a statement.

The manufacturer had previously posted a report on the first-quarter earnings that managed to fall in line with analysts’ expectations, while its revenue was slightly less than projected. Boeing’s earning per share totaled the expected $3.16 from January through March, while the revenue amounted to $22.92 billion against $22.98 billion forecasted by London-based provider of financial markets data Refinitiv.

Boeing stressed that the previous guidance didn’t reflect the impact of two crashes of the company’s flagship planes, leading to the grounding of all 737 MAX 8 jets by global regulators, lawsuits from some air carriers and a decline in market value.

According to the producer, more than 135 test and production flights of updated software for the 737 MAX have been carried out so far.

Boeing’s bestseller crashed on March 10 not far from the Ethiopian capital of Addis Ababa six minutes after takeoff on the way to Nairobi, Kenya. The tragedy, which killed 157 people, marked the second crash involving the same jet model in less than six months. In October, the same type of aircraft, operated by Indonesia’s Lion Air, crashed in the Java Sea shortly after takeoff, claiming the lives of 189 people.

Travel News | eTurboNews

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Hawaii hotels: Flat average daily rate, lower occupancy so far in 2019

April 24, 2019 by Forimmediaterelease

For the first three months of 2019, Hawaii hotels statewide reported flat average daily rate (ADR) and lower occupancy, which resulted in lower revenue per available room (RevPAR) compared to the first quarter of 2018.

According to the Hawaii Hotel Performance Report published by the Hawaii Tourism Authority (HTA), statewide RevPAR declined to $236 (-3.3%), with ADR of $292 and occupancy of 80.8 percent (-2.7 percentage points) in the first quarter of 2019.

HTA’s Tourism Research Division issued the report’s findings utilizing data compiled by STR, Inc., which conducts the largest and most comprehensive survey of hotel properties in the Hawaiian Islands.

For the first quarter, Hawaii hotel room revenues fell by 4.7 percent to $1.13 billion compared to the $1.18 billion earned in the first quarter of 2018. There were more than 74,300 fewer available room nights (-1.5%) in the first quarter and approximately 190,500 fewer occupied room nights (-4.7%) compared to a year ago. Several hotel properties across the state were closed for renovation or had rooms out of service for renovation during the first quarter.

All classes of Hawaii hotel properties statewide reported RevPAR declines in the first quarter of 2019 except Upper Midscale Class properties ($134, +0.6%). Luxury Class properties reported RevPAR of $452 (-5.4%) with ADR of $594 (-1.2%) and occupancy of 76.1 percent (-3.3 percentage points). At the other end of the price scale, Midscale & Economy Class hotels reported RevPAR of $155 (-5.0%) with ADR of $187 (-0.5%) and occupancy of 83.1 percent (-3.9 percentage points).

Comparison to Top U.S. Markets

In comparison to top U.S. markets, the Hawaiian Islands earned the highest RevPAR at $236 in the first quarter, followed by the San Francisco/San Mateo market at $210 (+15.9%) and the Miami/Hialeah market at $208 (-3.5%). Hawaii also led the U.S. markets in ADR at $292 followed by San Francisco/San Mateo and Miami/Hialeah. The Hawaiian Islands ranked fifth for occupancy at 80.8 percent, with Miami/Hialeah topping the list at 83.0 percent (-2.1 percentage points).

Hotel Results for Hawaii’s Four Counties

Hotel properties in Hawaii’s four island counties all reported RevPAR decreases in the first quarter of 2019. Maui County hotels led the state overall in RevPAR at $337 (-2.7%), with ADR at $428 (-0.9%) and occupancy at 78.6 percent (-1.5 percentage points).

Kauai hotels earned RevPAR of $228 (-10.2%), with flat ADR at $305 (+0.2%) and lower occupancy of 74.8 percent (-8.7 percentage points).

Hotels on the island of Hawaii reported a decline in RevPAR to $225 (-9.7%), due to a combination of decreases in both ADR ($285, -2.0%) and occupancy (79.1%, -6.7 percentage points).

Oahu hotels earned slightly lower RevPAR at $196 (-0.9%), with ADR at $236 (+0.8%) and occupancy of 83.0 percent (-1.4 percentage points).

Comparison to International Markets

When compared to international “sun and sea” destinations, Hawaii’s counties were in the middle of the pack for RevPAR in the first quarter of 2019. Hotels in the Maldives ranked highest in RevPAR at $575 (+4.5%) followed by Aruba at $351 (+11.2%). Maui County ranked third, with Kauai, the island of Hawaii, and Oahu ranking sixth, seventh and eighth, respectively.

The Maldives also led in ADR at $737 (+5.2%) in the first quarter, followed by French Polynesia at $497 (-1.1%). Maui County ranked fifth, followed by Kauai and the island of Hawaii. Oahu ranked ninth .

Oahu trailed Phuket (84.5%, -6.3 percentage points) in occupancy for sun and sea destinations in the first quarter. The island of Hawaii, Maui County and Kauai ranked fourth, fifth and ninth, respectively.

March 2019 Hotel Performance

In March 2019, RevPAR for Hawaii hotels statewide declined to $227 (-4.3%), with ADR of $285 (-1.1%) and occupancy of 79.6 percent (-2.7 percentage points).

In March, Hawaii hotel room revenues fell by 5.9 percent to $373.3 million. There were more than 27,200 fewer available room nights (-1.6%) in March and approximately 66,850 fewer occupied room nights (-4.9%) compared to a year ago. Several hotel properties across the state were closed for renovation or had rooms out of service for renovation during March. However, the number of rooms out of service may be under-reported.

All classes of Hawaii hotel properties statewide reported RevPAR declines in March. Luxury Class properties reported RevPAR of $443 (-7.2%) with ADR of $583 (-3.1%) and occupancy of 75.9 percent (-3.4 percentage points). Midscale & Economy Class hotels reported RevPAR of $150 (-2.9%) with ADR of $182 (+0.8%) and occupancy of 82.0 percent (-3.1 percentage points).

Hotel properties in Hawaii’s four island counties all reported lower RevPAR for March. Maui County hotels reported the highest RevPAR in March at $336 (-1.4%) with ADR of $421 (-1.6%) and flat occupancy (79.8%, +0.2 percentage points).

Oahu hotels reported lower occupancy (80.4%, -2.3 percentage points) and flat ADR ($230, -0.2%) for March.

Hotels on the island of Hawaii continued to face challenges in March, with RevPAR dropping 11.2 percent to $216, ADR to $272 (-4.9%) and occupancy to 79.2 percent (-5.7 percentage points).

RevPAR for Kauai hotels fell to $213 (-14.6%) in March, with declines in both ADR to $286 (-4.5%) and occupancy to 74.4 percent (-8.8 percentage points).

Travel News | eTurboNews

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