IMMOTALK TV im Dialog mit Dr. Pierre Dominique Prümm (Vorstand Aviation + Infrastruktur Fraport AG)

First, it is important to emphasize that we have decided to complete Terminal 3, even though we are currently experiencing a very sustained and severe drop in our passenger numbers. We are confident that air traffic will return. The growth dynamics of air traffic will come back. People want to travel; the basic need for mobility remains, and therefore we will need Terminal 3. According to plan, the first section should be completed in autumn 2021.

We are in the process of adjusting this a bit. The basic plans and the basic schedule remain in place, but of course, we are now looking at what is happening on the construction site. We have to manage certain interdependencies that we had not even planned for; we have to disentangle some services, and we are currently defining that. This means there might still be slight adjustments, but the basic schedule remains as described.

Well, we naturally looked at that too, and one must clearly say that it would not have made any sense at all. Shutting down such a large and complex construction site, waiting for some time, and then ramping it up again would involve incredible complexity and, above all, cost a lot of money, which we do not have at the moment. Therefore, we clearly decided to stick to the original project schedule with the adjustments as described.

Yes, exactly, that is the case. Anyone who works in the construction industry, who is active on the construction site, knows that you need a certain amount of pressure, both in terms of time and cost budget. When the pressure is gone, it's difficult to manage a construction site. Stopping construction sites and then starting again is never a good way.

No, we are naturally also active in the surroundings of Terminal 3, so on the rest of the airport. We have an incredibly large stock of infrastructure and buildings, networks, the runway system—all these assets naturally require permanent maintenance, care, but also investments in expansions and adjustments. We are also planning to invest there in the coming years, and this sums up to at least three-digit million euro amounts each year that we are investing here at the location beyond Terminal 3, and this will remain the case in the future.

Yes, definitely. I see it here with us; due to the dramatic drops, we are also adjusting our investment program. We are checking very carefully what we still need at all and what we can still afford in terms of infrastructure investments. And that will be the case for every company in the Rhine-Main region. Therefore, the investment volume and construction activity will, I assume, simply decrease in the coming years.

Well, this affects us less; air traffic is only mentioned in very small areas, and it also does not affect our investment program here in Frankfurt. Nevertheless, I would not evaluate the program too negatively overall. The state's attempt to stimulate the economy and not strangle it—it is a very broad approach that is not necessarily bad. Therefore, one must wait and see how it works. There are approaches that I believe will benefit every sector. For example, the VAT reduction—in total, it is a very, very difficult task that the public hand has there, that the state currently has, and I think this is a first step in the right direction. However, I fear that we will need to follow up with a few more packages and measures to prevent a really severe economic downturn in Germany.

You're very welcome.