As already reported in earlier letters to shareholders, in July 2013, the German Federal Cartel Office (Bundeskartellamt) concluded the monetary penalty proceedings associated with the so-called rail cartel. For agreements violating antitrust laws relating to both the “private market” and to the supply of railway superstructure material, which was detrimental to Deutsche Bahn, a total of EUR 14.9 million in fines was levied against companies belonging to the voestalpine Group. Otherwise, voestalpine’s status of cooperating witness was confirmed for the major part of both proceedings.
As far as claims for compensatory damages by customers for deliveries by the cartel are concerned, corresponding payments were agreed upon that cover both direct and indirect deliveries of rails to Deutsche Bahn. Only compensatory damages for deliveries to municipal mass transit agencies and other private market customers are still unresolved.
As of December 31, 2013, the provisions set aside in the annual financial statements 2012/13 in the amount of EUR 204.4 million for the antitrust proceedings and associated actions and costs as well as for the closure of TSTG Schienen Technik GmbH & Co KG were reduced by the amount of the compensatory damages paid for direct and indirect deliveries of rails to Deutsche Bahn and by the costs involved in the closure of TSTG Schienen Technik GmbH & Co KG. All the remaining provisions were adjusted as of December 31, 2013 in accordance with the current estimate, resulting in non-recurring income totaling EUR 7.3 million (reversal/appropriation).