Zagreb Airport operator defers concession payment
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The operator of Croatia's busiest airport, Zagreb Airport International Company (ZAIC), has requested and received a deferral for its April concession fee due to the significant drop in traffic caused by the coronavirus Covid-19 pandemic. The Croatian Ministry for Sea, Transport and Infrastructure said the thirty-year concession agreement with ZAIC foresees the possibility of deferring the concession payment in case of force majeure that significantly disrupts the concessioner’s cashflow and its ability to meet all of its obligations. The Ministry noted that further payment deferrals may be approved depending on how the pandemic evolves and how quickly air traffic recovers. Zagreb Airport handled 5.118 passengers in April. ZAIC's concession fee is made up of a fixed and a variable charge. The fixed charge amounted to two million euros in the first year of the concession and will increase to twelve million in the 29th year. The variable charge fluctuates based on the overall gross revenue. It became payable from the third year of the concession and totals 0.5% of the total gross profit, after which it grows to up to 61% of revenue in the 30th year of the concession.
The operator of Croatia's busiest airport, Zagreb Airport International Company (ZAIC), has requested and received a deferral for its April concession fee due to the significant drop in traffic caused by the coronavirus Covid-19 pandemic. The Croatian Ministry for Sea, Transport and Infrastructure said the thirty-year concession agreement with ZAIC foresees the possibility of deferring the concession payment in case of force majeure that significantly disrupts the concessioner’s cashflow and its ability to meet all of its obligations. The Ministry noted that further payment deferrals may be approved depending on how the pandemic evolves and how quickly air traffic recovers. Zagreb Airport handled 5.118 passengers in April. ZAIC's concession fee is made up of a fixed and a variable charge. The fixed charge amounted to two million euros in the first year of the concession and will increase to twelve million in the 29th year. The variable charge fluctuates based on the overall gross revenue. It became payable from the third year of the concession and totals 0.5% of the total gross profit, after which it grows to up to 61% of revenue in the 30th year of the concession.
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