Information  X 
Enter a valid email address

Fraport AG (FRG)

  Print      Mail a friend

Wednesday 16 April, 2008

Fraport AG

Fraport AG Receives EUR41.9 Million Under Germa...





FRANKFURT AM MAIN, Germany, April 16 /PRNewswire/ --     The German government 
agreed today to pay Fraport AG EUR41.9
million under the federal government's investment guarantee for capital
investments outside Germany. Fraport AG had concluded such a guarantee
contract as protection against political risks for its equity investment made
in the Manila project. The amount can be increased, when specific
requirements are met, by a further EUR3.9 million - and is being made with a
conditional payback provision, oriented on the outcome of the legal
proceedings. Furthermore, the payment is subject to Fraport AG's acceptance
of payout conditions. This payment is expected to occur in three months. The
impact of this payment on Fraport AG's financial results is currently being
examined.



    In addition to this payment, Fraport AG is pursuing further
claims that are not covered by the federal government's investment guarantee.
Fraport AG and the joint-venture company in the Philippines are pursuing
their compensation claims against the Philippine government at national and
international courts.



    Fraport AG already made a complete write-down on its financial
investment in the Manila terminal project in fiscal years 2001 and 2002, and
received a first payment of approximately EUR27 million in 2006.



    Fraport executive board chairman Dr. Wilhelm Bender expressed
his pleasure with the German government's compensation: "This is only the
first step. The unlawful behavior of the Philippine government will not pay
off. We will not accept the expropriation done and we will get our money back
for our engagement in the Philippines," said Bender.



    Print-quality photos of Frankfurt Airport and Fraport AG are
available free for downloading via the Internet at http://www.fraport.com
(Menu: select Press Center - then Photo Service).



    For TV news and information broadcasting purposes only, we
also offer free footage material for downloading via
http://fraport.cms-gomex.com.



    
    For Further information, Please Contact:
    
    Fraport AG Frankfurt Airport Services Worldwide,
    Robert A. Payne, B.A.A. - Manager International Press,
    Press Office (Dept. UKM-PS), Corporate Communications (UKM),
    60547 Frankfurt am Main, Federal Republic of Germany,
    Tel.: +49-69-690-78547; Fax: +49-69-690-60548;
    E-mail: [email protected]; Internet: http://www.fraport.com





                                                                                                                 

a d v e r t i s e m e n t