FPRUF - Fraport AG (FPRUF) Q1 2024 Earnings Call Transcript
2024-05-14 16:04:04 ET
Fraport AG (FPRUF)
Q1 2024 Earnings Conference Call
May 14, 2024 08:00 AM ET
Company Participants
Florian Fuchs - Head, Investor Relations
Stefan Schulte - CEO
Matthias Zieschang - CFO
Conference Call Participants
Carlos Caburrasi Ortega - Kepler Cheuvreux
Sathish Sivakumar - Citi
Elodie Rall - JPMorgan
Ruxandra Haradau-Doser - HSBC
Patrick Creuset - Goldman Sachs
Andrew Lomberg - Barclays
Jose Arroyas - Santander
Harishankar Ramamoti - Deutsche Bank
Graham Hunt - Jefferies
Dario Maglione - BNP Paribas Exane
Presentation
Florian Fuchs
Warm welcome also from my side. All documents for this presentation were released this morning, 7:00 A.M. CST. Now, it's time for the management presentation.
Presentation will be held by Matthias Zieschang, our CFO and afterwards, there is a Q&A session. We kindly ask you to limit your question to a maximum of three, so that everyone will have the opportunity to raise some questions. As always, do take note of all the cautionary language at the disclaimer.
And with that, I'd like to hand over to Matthias to start with the presentation, please.
Matthias Zieschang
Yes. Thank you very much. Good afternoon ladies and gentlemen also from my side. Let me start my presentation today with a closer look at our traffic performance at the Frankfurt side in the first four months of fiscal year 2024.
On Slide number 3, you see on the one side, the reported passenger development and on the other side, the underlying passenger development. As you know, we were meaningfully impacted by strike since the past quarter, which were carried out by Lufthansa Unions and the Verdi Union for the passenger screening business in Germany.
As a result, we lost about 500,000 passengers due to strikes and another 100,000 passengers because of a one-day closure for bad weather in January. Please note that the before mentioned numbers are just the direct impact without any passengers that we lost due to the uncertainty around the strike situation and didn't book their flights from or via Frankfurt. Correspondingly, we reported a recovery rate of just 84% to 85% for Frankfurt Airport in the first four months.
Adjusted for the strike and weather-related cancellations, the recovery rate would have been some 3 percentage points higher at 87% to 88%. As painful as the cancellations were, the good information is that most of the union disputes have been settled now, and we can look forward to a more or less straightforward summer season.
On a full year basis, we have, meanwhile, exceeded the previous year by some 1.4 million passengers. When considering that last year, we ended about 59.4 million passengers, this means that we already achieved the lower end of our full year guidance without any further growth from here on, which is not our base assumption and also not realistic. Having said this, we are well on track to be at about the midpoint of our traffic guidance for this year....
Fraport AG (FPRUF) Q1 2024 Earnings Call Transcript