HeidelbergCement AG (HDELY.PK) Tuesday said the Federal Court finally confirmed the merits of the Higher Appeal Court's verdict of June 2009 in the cartel proceedings against German cement companies.
HeidelbergCement had appealed against an administrative fine order from 2003, relating to cartel infringements from 1990 to 2002.
Due to overlong duration of the proceedings, the court reduced the fine against HeidelbergCement by 8.5 million euros, around 5 percent, to 161.4 million euros. The proceedings reduced the fine by more than 88.5 million euros against the fine originally imposed. The timing for the cash payment of 161.4 million euros is not known.
Further, the cement giant said that following the release of the respective financial provisions, a P&L effective charge of almost 30 million euros remains in the second quarter. Earnings outlook and financial planning remain unchanged, the company added.
HeidelbergCement said it has implemented a far-reaching compliance program in an effort to avoid such cases and other violations of the laws in the future.
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