Issuer: | Fraport AG Frankfurt Airport Services Worldwide |
ISIN: | DE0005773303 |
WKN: | 577330 |
Agent/ Contact: | Stefan J. Rüter Phone: +49 (0) 69-690-74840 Fax.: +49 (0) 69-690-74843 s.rueter@fraport.de |
Listings: | Regulated Markt in Frankfurt (Prime Standard); Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
Headline: | Compensation Payments and Sale of Shareholdings in Manila Project |
Key word(s): | Investment/Forecast |
Text:
Following the decision of the Supreme Court of the Philippines, PIATCO (Philippine International Air Terminals Co.) has received compensation payments for the terminal project in Manila. Based on these payments, PIATCO has made payments to Fraport AG Frankfurt Airport Services Worldwide (Fraport AG). Furthermore, effective today October 11, 2016 Fraport AG sold its shareholdings in the companies in the Philippines and in turn no longer pursues claims in connection with the expropriation of the terminal project in Manila.
Fraport AG received an amount of approximately 270 million US dollars from the total transaction.
From the inflows, Fraport AG will pay up to approximately 40 million Euros back to the German Federal Government, in connection with investment guarantees received by Fraport AG in fiscal year 2008 under Germany's foreign-investment guarantee program (GKA, Bundesgarantie für Kapitalanlagen im Ausland).
The rest of Fraport's compensation sum will primarily impact the Group EBITDA, EBIT, and EBT in the current fiscal year 2016 and - taking taxes to be paid into account - will have a correspondingly positive impact on the Group result.
In due time, the Fraport AG executive board will recommend to the supervisory board whether and to what extent the remaining gain should be reflected in the dividend payment to the shareholders of Fraport AG.
End of ad hoc announcement
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Language: English
Fraport AG published this content on 11 October 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 11 October 2016 08:32:02 UTC.
Original documenthttp://www.fraport.com/content/fraport/en/misc/binaer/investor-relations-/ad_hoc_releases/ad-hoc-announcement--compensation-payments-and-sale-of-sharehold/jcr:content.file/fraport-ad-hoc-2016-10-11-compensation-payments-and-sale-of-shareholdings-in-manila-project.pdf
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