Division Cash-flow calculations show substantial losses for southern runway

The construction and operation of the southern runway with DHL yields a discounted cash-flow loss of about EUR […] in 2005. The discounted cash-flow loss for the expansion without DHL amounts to EUR […].

Finally, the risk costs of EUR […] (as calculated by Germany) increase the cash-flow losses to EUR […] for the southern runway with DHL. It is thereby important to note that the estimated risk costs of EUR […] m merely represent lowest end of the scale since the Germany does not quantify all risks assumed by the airport and builds its calculations on very questionable assumptions.

Even if the Commission followed Germany's argument that security and safety costs of EUR […] fell within the public policy remit and had therefore to be excluded from the calculation for the southern runway, a substantial cash-flow loss of EUR […] would remain.