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Money 4000 jobs at airport operator Fraport on the verge

11:41  04 august  2020
11:41  04 august  2020 Source:   finanzen.net

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Fraport AG, the operator of Frankfurt airport , plans to eliminate as many as 4,000 jobs as it braces for years of fallout from the coronavirus pandemic. Frankfurt airport says full traffic recovery will take years. Source: Company data, Bloomberg calculations. Airlines across Europe and the Middle East

Fraport AG, the operator of Frankfurt airport , plans to eliminate as many as 4,000 jobs as it braces for years of fallout from the coronavirus pandemic. The company, which employed 22,514 at the end of last year, is downsizing in areas including ground handling and administration

Beim Frankfurter Flughafenbetreiber Fraport stehen 4000 Stellen auf der Kippe. © Frank Rumpenhorst / dpa / Archvi picture At Frankfurt airport operator Fraport there are 4000 positions on the verge.

Frankfurt airport operator Fraport wants to cut thousands of jobs because of the long-term corona slump. Fraport boss Stefan Schulte sees the low point of air traffic restrictions passed, but agrees that everyone involved is on a long dry spell.

Even in the years 2022/2023, the number of passengers at the home hub should be 15 to 20 percent below the previous highs, with correspondingly less work for the employees, Schulte writes in his report on the first half of the year.

Between 3,000 and 4,000 of the approximately 22,000 jobs currently to be cut, Fraport announced on Tuesday for the first time in writing. In addition to natural fluctuation, the company plans to use various socially acceptable measures to negotiate with employees. Whether or not redundancies will be required depends on the implementation.

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Fraport AG Frankfurt Airport Services Worldwide is a Germany-based airport services provider and owner and operator of airports . The Company operates through four segments: Aviation, Retail and Real Estate, Ground Handling and External Activities and Services.

At the moment, the MDax group, which is largely supported by the state of Hesse and the city of Frankfurt, is making intensive use of the opportunities for short-time work. In the second quarter, it applied to 16,000 employees in Frankfurt. The working hours of the entire workforce were reduced by 60 percent, the operational expenditure was reduced by 30 percent, among other things, through terminal closures in Frankfurt, and even by 40 percent across the group.

The bottom line for Fraport shareholders was nevertheless a loss of around EUR 182 million in the second quarter after a profit of EUR 127 million a year earlier. Because air traffic was almost completely at a standstill for several weeks and then only started again slowly, sales slumped by around three quarters to EUR 250 million (Q2 2019: EUR 979 million).

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Stock analysis for Fraport AG Frankfurt Airport Services Worldwide (FRA:Xetra) including stock price, stock chart, company news, key statistics, fundamentals and company profile.

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Passenger numbers also moved slowly out of the Corona low last week. From July 27 to August 2, Fraport had around 343,865 passengers at Germany's largest airport, 78.6 percent fewer than a year earlier. In the previous week it was still 79.7 percent below the previous year's value.

A rush can hardly be expected in the current year. Schulte expects traffic declines in the high double-digit percentage range for 2020 both at the home location and at the group's international airports. After the volume of passengers in Frankfurt in the second quarter was around 94 percent lower than a year earlier, the first half of the year saw a decline of 63.8 percent to 12.2 million passengers.

To survive the dry spell, Fraport raised 1.3 billion euros in additional funds in the first half of the year and raised another 800 million euros in July with a new bond. According to its own statements, the company currently has almost 3 billion euros in liquid funds and guaranteed credit lines. This would ensure liquidity at least until the end of 2021.

Schulte expects “long-term, moderate growth” in air traffic again from 2023. Based on this conviction, the Fraport management also maintains the construction of the third passenger terminal in the south of the airport, the opening of which has already been delayed.

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