FRANKFURT, Germany, July 31, 2016 /PRNewswire/ --
Additional partner strengthens Pulkovo Airport consortium / Fraport retains role as "Airport Operator"
FRA/rap - Today, Fraport AG Frankfurt Airport Services Worldwide (Fraport AG) and its consortium partners at Pulkovo Airport reached an agreement to sell part of their shares in Thalita Trading Ltd. (Thalita) to Qatar Investment Authority (QIA). Thalita is the parent company of Northern Capital Gateway LLC consortium, which has the 30-year concession for operating Pulkovo Airport (LED) in St. Petersburg, Russia. Fraport will be reducing its stake in Thalita by 10.5 percent from 35.5 percent to 25 percent. Based on the current book value, Fraport expects profit from the transaction to range between 30 and 40 million euros - which in its total sum will impact the Group EBITDA, EBIT and EBT for the 2016 business year and will positively influence the Group result. The transaction closing is expected to be completed in the second half of 2016.
Decreasing its shareholding will not affect Fraport's role as "airport operator" in the consortium. It is planned that QIA will also be able to acquire shares from the other consortial partners for a total stake of 24.99 percent in Thalita.
Fraport AG executive board chairman Dr. Stefan Schulte stated: "Pulkovo Airport has developed well since the operating concession started. In selling part of our stake, we are realizing value enhancement while maintaining our role in the consortium. Furthermore, this agreement with the renowned global financier Qatar Investment Authority will broaden the shareholder base of our consortium and strengthen Pulkovo Airport to meet the challenges and opportunities of the future. Despite the current difficulties in Russia, we continue to regard this as an attractive market."
Since the Northern Capital Gateway consortium started operations, passenger traffic at LED has risen from 8.4 million in 2010 to 13.5 million in 2015. Pulkovo Airport has also been receiving more new airlines and routes in recent months. The successful on-time and on-budget implementation of new terminal facilities in 2013 has greatly enhanced Pulkovo's capacity, service quality, as well as the role of St. Petersburg as Russia's second largest metropolis and as a leading international business and tourist destination. The enlarged consortium will be able to leverage and build upon the milestones already achieved at Pulkovo Airport.
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Fraport AG - which ranks among the world's leading companies in the global airport business - offers a full range of integrated airport management services and boasts subsidiaries and investments on three continents. The Fraport Group generated sales of €2.6 billion and profit of about €297 million in 2015. In 2015, some 111 million passengers used airports around the world in which Fraport has more than a 50 percent stake. In its Mission Statement, Fraport places the focus on customers. The Group's commitment to ensuring a "good trip" to all passengers and travelers is also reflected in the corporate slogan: "Gute Reise! We make it happen". This commitment applies to all of Fraport's business activities and services both at Germany's largest aviation hub in Frankfurt and the Group's airports worldwide.
At its Frankfurt Airport (FRA) home base, Fraport welcomed more than 61 million passengers and handled about 2.1 million metric tons of cargo (airfreight and airmail) in 2015. For the current summer timetable, FRA is served by 95 passenger airlines flying to 290 destinations in some 100 countries worldwide. Half of FRA's destinations are intercontinental (beyond Europe) - underscoring Frankfurt's role as a leading hub in the global air transportation system. In Europe, Frankfurt Airport ranks second in terms of cargo tonnage and is the fourth busiest for passenger traffic. With about 59 percent of all passengers using Frankfurt as a connecting hub, FRA also has the highest transfer rate among the major European hubs.
Frankfurt Airport City has become Germany's largest job complex at a single location, employing more than 80,000 people at some 500 companies and organizations on site. Almost half of Germany's population lives within a 200-kilometer radius of the FRA intermodal travel hub - the largest airport catchment area in Europe. FRA Airport City also serves as a magnet for other companies located throughout the economically vital Frankfurt/Rhine-Main-Neckar region. Thanks to synergies associated with the region's dynamic industries, networked expertise, and outstanding intermodal transportation infrastructure, FRA's world route network enables Hesse's and Germany's export-oriented businesses to flourish in global growth markets. Likewise, FRA is a strategic gateway for companies wanting to access the huge European marketplace. Thus, Frankfurt Airport - which is strategically located in the heart of Europe - is one of the most important hubs in the global logistics chain.
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SOURCE Fraport AG