Fraport: 69.7 million euros from Greek airports

The agreement of state support due to COVID-19 to the company that manages the 14 regional airports of the country had a positive impact of 69.7 million euros on the financial divs of the Fraport Group for the first half of 2021. At the same time, passenger traffic at Greek gateways is gradually improving, with forecasts estimating that this year it will capture almost 50% of the traffic of the last year before the pandemic, with arrivals from abroad raising the divs.

As noted in the financial results of the parent company Fraport AG for the first half of the year, the one-time state financial aid received by the company in Germany and Greece for the consequences of the pandemic, contributed to the improvement of the Group's EBITDA. This amounted to a total of 335.3 million euros, exceeding by 312.7 million euros the EBITDA of the first half of 2020, which was limited to 22.6 million euros.

Compensation for FraportGreece's losses due to COVID-19, which was ratified by the Greek parliament last June, amounted to 177.9 million euros. This does entail cash, but concerns a balance with fees payable to the Hellenic Republic Asset Development Fund (HRADF). The amount of government support was the difference between the realized profits, as recorded in the PwC reports for the two clusters of airports, amounting to 9.9 million euros, and the projected profits before taxes, interest and depreciation, amounting to 187.8 million euros. , as emerged under the Economic Model of the concession agreement in the Deloitte report.

The concessionaire, for its part, undertakes to waive any further claim relating to lost revenue or damage suffered in 2020, as a result of the pandemic measures and their consequences.

FraportGreece performance improved

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