Frankfurt (ots) - Fraport AG welcomes the decision of the Supreme Court of the Philippines in Manila of September 8, 2015, that the government of the Philippines must pay a compensation to the PIATCO project company in the amount of US$510 million. This amount takes into account a previous advance payment of about US$59 million made in 2006 by the Philippine government to PIATCO (including interest as of December 31, 2014) in connection with the Terminal 3 project at Manila Airport.
The decision is not yet final. It remains to be seen whether the parties involved will seek any legal recourse against the ruling. The date, when the Philippine government will meet its liability to pay compensation to PIATCO, will depend upon the further progress of the proceedings. Only then can Fraport AG also receive a compensation payment.
The Philippine government declared the concession contract with the PIATCO project company (in which Fraport has a 30 percent share) null and void and, in 2004, took away the newly PIATCO-built terminal in the capital city of Manila. To date, the Philippine government has not yet paid full compensation for PIATCO's investments, although the new terminal today is being used by more than 13 million passengers per year and generates corresponding revenues.
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Fraport AG - which ranks among the world's leading companies in the global airport business - offers a full range of integrated airport management services and boasts subsidiaries and investments on five continents. In 2014, the Fraport Group generated sales of EUR2.4 billion and profit of about EUR252 million. Last year more than 108.5 million passengers used airports around the world in which Fraport has more than a 50 percent stake.
At its Frankfurt Airport (FRA) home base, Fraport welcomed about 60 million passengers and handled some 2.2 million metric tons of cargo (airfreight and airmail) in 2014. For the current winter timetable, FRA is served by 98 passenger airlines flying to some 250 destinations in 105 countries worldwide. More than half of FRA's destinations are intercontinental (beyond Europe) - underscoring Frankfurt's role as a leading hub in the global air transportation system. In Europe, Frankfurt Airport ranks first in terms of cargo tonnage and is the third-busiest for passenger traffic. With about 55 percent of all passengers using Frankfurt as a connecting hub, FRA also has the highest transfer rate among the major European hubs.
Frankfurt Airport City has become Germany's largest job complex at a single location, employing more than 80,000 people at some 500 companies and organizations on site. Major new real estate developments - such as The Squaire, the Gateway Gardens business park, and the Mönchhof Logistics Park - are creating an exciting new dimension and range of services at the evolving Frankfurt Airport City of the 21st century.
Almost half of Germany's population lives within a 200-kilometer radius of the FRA intermodal travel hub - the largest airport catchment area in Europe. FRA Airport City also serves as a magnet for other companies located throughout the economically vital Frankfurt/Rhine-Main-Neckar region. Thanks to synergies associated with the region's dynamic industries, networked expertise, and outstanding intermodal transportation infrastructure, FRA's world route network enables Hesse's and Germany's export-oriented businesses to flourish in global growth markets.
Frankfurt Airport meets the increasing needs of the export-oriented economies of the State of Hesse as well as Germany as a whole, for optimal connections to growth markets around the globe. Likewise, FRA is a strategic gateway for companies wanting to access the huge European marketplace. Thus, Frankfurt Airport - which is strategically located in the heart of Europe - is one of the most important hubs in the global logistics chain.
Fraport AG Original-Content von: Fraport AG, übermittelt durch news aktuell
Robert A. Payne
Press Office, Corp.Communications
Telephone: +49 69 690-78547
60547 Frankfurt, Germany