Fraport Greece proceeds with the issuance of bond loans in the amount of 960 million euros

By Fotis Fotinos

Fraport Greece is proceeding with the issuance of two bond loans, totaling 960 million euros, according to information from Capital.gr.

Specifically, it concerns the conclusion of a loan of 525 million euros and a loan of 435 million euros, which – according to financial analysts – will be used to cover previous loan obligations, which became unserviceable due to the “side effects” of pandemic to the company’s revenue.

Like every company in the aviation sector, Fraport Greece also experienced a large decrease in turnover and passenger traffic, mainly in 2020, compared to 2019.

In particular, in 2020, the drop in passenger traffic amounted to 71.4%, with 8.61 million passengers, compared to 30.15 million passengers in 2019.

The drop in passenger traffic also caused a significant decrease in turnover, which amounted to 185 million euros in 2020, compared to 463.4 million euros in 2019, leading the company to a loss of 108.3 million euros.

In fact, in the summer of 2021, a law was also passed in the Parliament for the financial support of Fraport Greece and the “El. Venizelos” airport, which provided measures of 177.9 million euros for Fraport Greece and up to 130 million euros for the airport of Athens (these measures mainly concerned the transfer of payments).

It is noted that a few months ago (February 2021) from the above event, Fraport Greece announced the completion of the investment program in the 14 regional airports, amounting to 440 million euros.

After the “disastrous” 2020, 2021 was for aviation, the year of “50% – 50%”, i.e. 50% recovery of traffic and revenue compared to 2019 (in 2021, Fraport Greece recorded revenue of 255, 4 million, carrying 17.42 million passengers), while this year the traffic recovery is remarkable, especially in the summer months.