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Press release

02.07.2003

Hamburg Airport reports a successful fiscal year 2002

€21.8 earnings despite continuing weak economy

Hamburg Airport is pleased to report a successful fiscal year 2002. Although the situation of the global economy remained weak, the Group again reported good results for 2002. Flughafen Hamburg GmbH reported earnings of €21.8 million. In the previous year, the company’s earnings were €21.0 million. The proportion of non-aviation earnings, which include rent, leasehold and concession income, remained stable: in the previous year this sector accounted for 34.1%; in 2002 non-aviation income was 35.3%, making it a key contributor to the Airport’s business success. The Airport’s sales revenues dropped by only 4.3%, a relatively low decrease compared to the rest of the aviation industry. Despite the crisis in international aviation, the number of passengers at Hamburg declined by only 5.7%, while flight movements decreased by 5.2%. Hamburg Airport’s results for 2002 again secure it a top position amongst Germany’s and Europe’s airports.

Immediate cost-cutting programme reduces expenditure
Since the beginning of 2001, large sectors of global aviation have suffered considerable losses. Informed, foresighted corporate decision-making at Hamburg Airport has enabled the Group to report a profit for the year under review. A  consistent cost-cutting programme was put in place with immediate effect; all outstanding investments were examined and non-essential investments have been delayed. Reduction of overtime and an internal job market have added greatly to the flexibility of staff expenditure, helping the Airport to attain its overriding objective of layoff avoidance. An exchange scheme to ensure the even spread of staff capacities within the Airport’s divisions has proved to be an efficient way of ensuring full occupation amongst the Group’s 1,774 employees. The €350-million HAM 21 Extension Project went ahead as planned. When the new Terminal 2 opens in 2005, the Airport will have the capacity to handle almost 15 million passengers a year. From 2007, the Airport will be linked up to the local rail network with its own station. 

Hamburg Airport – well-positioned to face the future
“The structure of Flughafen Hamburg GmbH in a parent company and currently ten subsidiaries has created independent, entrepreneurially managed corporate divisions,” explained Werner Hauschild, Chairman of the Executive Board of Hamburg Airport. “In good times, our Hamburg Model proved its effectiveness and success; now we have impressively experienced how valuable it is in difficult times."
Non-aviation sales revenues have proved to be a constant and exceptionally crisis-proof pillar of business operations. More than a third of the Airport’s income stems from concessions, rents and car park fees. In May 2003, tenants and the Airport joined forces and founded the SkyWorld advertising cooperative. Joint activities will be initiated to enhance awareness and boost sales. “Our reaction to difficult economic times is to devise creative strategies,” explained Werner Hauschild. “SkyWorld is such a strategy, and it is specifically designed to meet the needs of our customers.” 

Services to Europe’s capitals
In difficult times Hamburg Airport benefits from the even spread of its service portfolio. The Airport’s unique strength lies in the balance achieved between business and leisure flights, an equilibrium which means that aviation income becomes more stable and more profitable every year – and is less vulnerable to crises. As the main city in northern Germany, Hamburg is a key hub for new low-cost airlines. The Airport’s attractive, yet profitable, conditions make it appealing for these new customers, whose services are used by business travellers and holidaymakers alike. Air Berlin, dba and Hapag-Lloyd Express already offer flights from Hamburg, and airlines such as airBaltic, Ghana Airways, Malev, and Air Nostrum link their home countries with Hamburg. As from summer, 65 airlines will be offering non-stop flights to 118 domestic and international destinations.

Committed to servicing the region
The Airport again organized many attractive events in 2002. The annual Aviation Conference has established itself as a productive forum for international aviation experts. At the ITB travel exhibition in Berlin the Airport put on a joint display with the City of Hamburg, an alliance which was also very much in the foreground in Hamburg’s Olympic bid, which the Airport actively supported.

Outlook for the fiscal year 2003
The current fiscal year is dominated by the HAM 21 Extension Project. On June 10th, Hamburg Airport celebrated the topping-out ceremony for Terminal 2, which was also the start of the final stage of construction for the new terminal.  In spring 2005, the new departure hall will open, providing together with Terminal 4 sufficient space for up to 15 million passengers. The new south extension of the passenger pier will open in autumn 2003. It will have six new aircraft parking positions and eight additional bus gates, thus greatly enhancing passenger comfort and convenience. This summer the  ground-breaking ceremony will be held for the new Car Park Rotunda, which when completed will have 2,000 parking spaces. Airport chief Werner Hauschild said confidently, “We are certain that passenger demand will pick up again and we are creating today the capacities we need tomorrow.  This is basis we require for Hamburg Airport to remain one of Europe’s most successful airports.” 

Summarized figures, data, facts for fiscal year 2002
(compared to previous year):

Flughafen Hamburg GmbH

Shareholders of Flughafen Hamburg GmbH:
City of Hamburg  51%
HAP Hamburg Airport Partners GmbH 49%

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