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FRAPORT FISCAL 02: MANILA WRITE-DOWN OVERSHADOWS SUCCESSFUL 02.

Publication: AsiaPulse News
Publication Date: 30-APR-03 		Format: Online - approximately 1011 words
Delivery: Immediate Online Access

Article Excerpt
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FRANKFURT, 29 April/news aktuell-AsiaNet - For fiscal year 2002 Fraport AG has made a complete write-down - in the context of its business caution and conservative balance-sheet policy - on its financial investment in the new International Passenger Terminal 3 (IPT 3) project at Ninoy Aquino International Airport (NAIA) in Manila, the Philippines. This exceptional write-down overshadowed positive results in the Group's operating business: Excluding the exceptional write-down for Manila, the 2002 EBITDA (earnings before income, tax, depreciation and amortization) of EUR 503 million almost reached the previous year's level. "In these difficult global economic and political times, we have achieved a precise landing and successful business results," said Dr. Wilhelm Bender, Executive Board Chairman of Fraport AG.

Nevertheless, because of this exceptional effect of EUR 290 million resulting from the Manila write-down, the Fraport Group had...

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