The purchase price for the concession period of just under 74 years was EUR 1.9 billion. The first installment of EUR 1.5 billion was paid directly after the deal was closed and the remaining EUR 0.4 billion is due in 2011. The Hungarian Government has a put option to sell its remaining 25 percent interest at a predefined price over the next few years. The price is proportionally significantly less than that paid for the 75 percent minus one vote.

HOCHTIEF was already involved in the airport privatization process in 2005 and was now able to acquire the shareholding without taking part in an auction. At face value, the price paid by our consortium is slightly higher than the purchase price offered in 2005 but, in real terms, it is lower because the staggered payment will allow optimized financing, with lower equity exposure and improved leverage. Added to this are the airport's positive traffic numbers and strong operating performance over the past 18 months.

The future cash flows forecast in our initial bid have thus moved closer. In addition, BAA has already completed initial restructuring steps at the airport, including outsourcing ground handling, and we have optimized the airport's capital expenditure plan.