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HOCHTIEF Aktiengesellschaft: Arbitration decision having an extraordinary one-off impact of around EUR 195 million on the nominal net profit

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HOCHTIEF Aktiengesellschaft / Key word(s): Legal Matter
HOCHTIEF Aktiengesellschaft: Arbitration decision having an extraordinary one-off impact of around EUR 195 million on the nominal net profit

05-Nov-2021 / 22:17 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

HOCHTIEF Aktiengesellschaft (HOCHTIEF) today was informed of the decision in a long-running arbitration concerning a legacy project from 2012 for the construction of a hydro electric power plant in Chile. HOCHTIEF left the Chilean construction market in 2017. A subsidiary of the division HOCHTIEF Europe was involved in the construction joint venture. The decision will have a negative extraordinary one-off impact on HOCHTIEF's nominal net profit of around EUR 195 million (which includes the amount awarded, interest, legal fees and other costs), thereof approximately EUR 146 million will be cash flow effective. The guidance for the operational net profit of EUR 410-460 million remains unchanged, as the operational net profit does not include extraordinary one-off items. The company is currently analyzing actions including extraordinary profits at the HOCHTIEF Group to mitigate the impact. Furthermore, the joint venture is investigating options to challenge the decision.
 

05-Nov-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language:

English

Company:

HOCHTIEF Aktiengesellschaft

Alfredstraße 236

45133 Essen

Germany

Phone:

+49 (0)201 824-1833

Fax:

+49 (0)201 824-2750

E-mail:

investor-relations@hochtief.de

Internet:

www.hochtief.de

ISIN:

DE0006070006

WKN:

607000

Indices:

SDAX

Listed:

Regulated Market in Berlin, Dusseldorf, Frankfurt (Prime Standard), Hamburg, Munich; Regulated Unofficial Market in Hanover, Stuttgart, Tradegate Exchange

EQS News ID:

1246780


 

End of Announcement

DGAP News Service

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