Frankfurt-Hahn Airport GmbH - Flughafen Frankfurt-Hahn GmbH

Frankfurt-Hahn Airport GmbH
legal form GmbH
Seat Lautzenhausen - Hahn Airport
management Managing Director : Hexin Wang [1]
Branch Airports
Website www.hahn-airport.de

The Frankfurt-Hahn GmbH is the operator of the Frankfurt-Hahn airport in Hunsrück . The share capital is currently 50 million euros.

Ownership structure

With a stake of 73.06%, Fraport was the majority owner of the Frankfurt-Hahn operating company until December 31, 2005. The remaining airport shares were held by the federal state of Rhineland-Palatinate . At the end of 2005, a new owner structure was implemented. The state of Hesse became the third owner. Up to December 31, 2008, Fraport still owned 65% of the airport shares (worth around € 75 million). The states of Rhineland-Palatinate and Hesse each held 17.5%. The original logo of the airport was adapted to that of Fraport on December 12, 2006 to specifically identify the group affiliation. [2]

In February 2009, the state of Rhineland-Palatinate took over the Fraport AG share for a symbolic purchase price of one euro. This happened retrospectively as of January 1, 2009. After the takeover of the shares, the state of Rhineland-Palatinate owned 82.5% of the shares and the state of Hesse 17.5% of the shares. [3]

At the beginning of June 2016, the state of Rhineland-Palatinate sold its stake to the Chinese Shanghai Yiqian Trading . [4] The state of Hesse negotiated the sale of its stake in the airport with the same company. The Rhineland-Palatinate state parliament had to agree to the contract negotiated with the Chinese company. Before the appropriate vote, doubts arose about the seriousness of the buyer. Research showed that the company is hardly known in China, as are the investors who are supposed to be behind it. A visit to the specified company headquarters heightened the concerns. After the company allowed a deadline for submitting relevant evidence to pass unused, the state government suspended the sale on June 29, 2016.[5][6]

After the sale of the airport was canceled, a new three-stage sales process was opened. On March 1, 2017, the state of Rhineland-Palatinate confirmed the sale of its majority stake to the Chinese HNA Airport Group , while the state of Hesse canceled the notary appointment with the German HNA partner, ADC GmbH from Deidesheim, at short notice. [7] After the EU Commission announced on 31 July 2017 that the guidelines for subsidies of Rhineland-Palatinate are justified until 2024 by a solid business plan of HNA Airport Group to ensure that the airport operations from 2023 is again profitable, was the Management of Flughafen Frankfurt-Hahn GmbH handed over to the HNA Airport Group. [8th]

Key figures

Gains and losses

The balance sheets for the entire history of the company have so far only shown negative results, even though the operating breakeven point was exceeded for the first time in 2006.

According to the respective annual reports of Flughafen Frankfurt-Hahn GmbH and its predecessor companies, the losses in the individual years were: [9]

year Profit loss
1997 −5.934.952 €
1998 −6.606.508 €
1999 −13.257.687 €
2000 −10.017.436 €
2001 −13.355.347 €
2002 −19.993.695 €
2003 −17.832.868 €
2004 −16.797.889 €
2005 −16.328.265 €
2006 −16.066.610 €
2007 −15.760.000 €
2008 −16.945.000 €

2007 and 2008: The annual report of Flughafen Frankfurt-Hahn GmbH is not published in the Federal Gazette. The figures for 2007 and 2008 come from the Fraport AG annual report. The losses of Flughafen Frankfurt-Hahn GmbH were taken over in full by the parent company Fraport until December 31, 2008 as part of a profit and loss transfer agreement.

Other operating expenses

Conclusions can be drawn from the "Other operating expenses" shown in the profit and loss accounts of Flughafen Frankfurt-Hahn GmbH. According to the explanations in the annexes to the individual annual reports of Flughafen Frankfurt-Hahn GmbH, they contain in particular costs for marketing measures , disposal costs, advertising costs ...

The other operating expenses in the individual years were:

year sb expenses comment
1998 0 €
1999 3.140.209 € Start of flight operations by the airline Ryanair .
2000 6.089.371 €
2001 5.692.808 €
2002 11.434.307 € Hahn becomes the base of Ryanair.
2003 10.521.273 €
2004 11.454.363 €
2005 14.058.148 € Expansion of flight operations by Ryanair.
2006 12.885.275 €
2007 not shown
2008 not shown

It is known that Flughafen Frankfurt-Hahn GmbH provides Ryanair with marketing support.

Operational breakeven point

In 2006, the operating company exceeded the operating breakeven point for the first time. [10] The operating result was 0.4 million euros (+2.9 million euros compared to the previous year).

This statement is put into perspective to a considerable extent by the following statements in the Frankfurt-Hahn GmbH annual report:

The annual result benefited positively from the capitalization of a provision for contaminated sites (€ 692 thousand) on land, which was carried out as part of the remediation of contaminated sites. [11]

... as well as claims against the shareholder Rhineland-Palatinate; ... T € 715 income subsidies [12]

Without these special factors, the breakeven point would not have been reached in 2006; instead, a result of around € 900,000 would have had to be reported. In addition, the annual report for 2006 shows that the two managing directors of Flughafen Frankfurt-Hahn GmbH do not receive any remuneration from Flughafen Frankfurt-Hahn GmbH.

proceeds

In 2006 it was possible to increase sales to 43.5 million euros (+6.6 million euros compared to the previous year). This means that sales have tripled in the last four years up to 2006. However, this is still associated with an annual loss (after taxes) of around EUR 15.7 million (as of 2008). A positive annual result was initially expected until 2009. The main reason given for the losses was that in 2006, due to a long nature conservation process, the extended runway was put into operation late, according to Managing Director Wulf at the time. Further causes in the 2007 financial year are the reduced income from the de-icing business due to the mild winter and the slight decline in cargo business due to the sharp decline in military flights. As the above tables show,

miscellaneous

So far, the GmbH has been working with start-up financing from the public sector, above all from the Rhineland-Palatinate state government, in order to cover the necessary costs.

sources

  1. hahn-airport.de: Frankfurt-Hahn GmbH .
  2. New logo in: Press release Flughafen Frankfurt-Hahn GmbH, December 12, 2006
  3. Fraport transfers Flughafen-Hahn shares to Rhineland-Palatinate . FAZ, February 3, 2009, accessed on September 1, 2013
  4. https://www.rlp.de/de/aktuelles/einzelansicht/news/detail/News/kaufvertrag-unterzeich/
  5. Dubious buyer in China: Sale of Hahn Airport apparently on the brink. Spiegel Online, June 29, 2016, accessed on the same day
  6. ^ Matthias Barsch: Hahn in the Hunsrück: Malu Dreyer threatens airport disaster. Spiegel Online, June 29, 2016, accessed on the same day
  7. FAZ.net March 1, 2017
  8. heute.de: "Solid economic plan": EU approves state aid ( Memento of the original from August 1, 2017 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.@1@2Template: Webachiv / IABot / www.heute.de
  9. Annual reports of Flughafen Frankfurt-Hahn GmbH and its predecessor companies, deposited from 1997–2005 at the registry court in Bad-Kreuznach, published from 2006 at http://www.ebundesanzeiger.de/
  10. Positive operating result for the first time in: Press release Flughafen Frankfurt-Hahn GmbH, January 25, 2007
  11. Annual Report Flughafen Frankfurt-Hahn GmbH, page 2, last sentence
  12. Annual Report, page 12