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15 December 2016

The Cabinet of Ministers Approves the Completion of a Multilevel Parking and Increase in Salary of Boryspil Airport Employees

On Wednesday, December 14 Boryspil International Airport State Enterprise successfully defended adjustments of the enterprise financial plan 2016 at the Cabinet of Ministers of Ukraine meeting. Accordingly, the government approved a series of the priority projects of Boryspil International Airport development, including the completion of a multilevel parking and rise in salary of the airport employees.

The decision on adjusting Boryspil Airport financial plan was made by the airport management in the first half of 2016 due to significant overfulfilment of the approved financial plan for the current year. The adjusted financial plan envisages increase of revenues and profits of the state-owned enterprise, approval of expenditures for completion of the construction of a multilevel parking near the terminal D and additional rise in the employees' salary.

Given the excellent financial performance of Boryspil International Airport State Enterprise in 2016, the airport plans to start design works on the completion of one wing of the multilevel parking for 1000 parking spaces later this year. Around USD 100 million is expected to be allocated for this project by the end of summer 2017.

To recap, the matter of funds return to Boryspil Airport from Finbank, the bank of the constructing company, which began constructing this car parking, has not been solved yet. Regardless the court decisions in favour of the airport, Boryspil is still unable to receive the amount under LC. However, in view of the decision of the Cabinet of Ministers regarding the parking completion, the airport management expects law enforcement and regulatory authorities, in turn, to effectively contribute to the execution of a judgment in favour of Boryspil International Airport State Enterprise.

According to the revised financial plan approved on Wednesday, Boryspil Airport will increase the airport employees' salary by another 15%. Up to that moment the total growth of staff wages for less than a year amounted to 50%. The important construction works and additional salary rise is planned to be provided by the excess inclusion income of the enterprise, which is more than UAH 800 million.

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