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Financial Statements
4.12 Other non-current assets 2007 2006
Other non-current assets are analysed as follows: 56.767.90 57.069.8
Analysis of other non-current assets
1.795.48 984.49
Blocked deposits 14.548 147.
Available for sale financial asset 58.200.999
Long term guarantees 58.706.950
Total other non current assets
The Company maintains two blocked bank accounts: The Hermes Cash Reserve Account and the Revenue
at Risk Reserve Account.
The Hermes Cash Reserve Account reflected a balance of € 0..495 as at 1 December 007 (1 December
006 € 0.64.804). This account serves as security, for an amount equivalent to the aggregate of the
principal repayment and interest payable at the following repayment date, based on the Commercial Loan
Agreement. It will be released in September 009 upon the full repayment of the aforementioned loan.
The Revenue at Risk Reserve Account (RRRA) at 1 December 007 remains at the same level of €6.444.44
as at 1 December 006. The purpose of this account is to provide security in favour of bankers in respect
to overdue customer debts due to the Company. The RRRA shall remain in force until the full repayment
of the Master Facility Agreement (MFA) and the Commercial Loan Agreement or the full repayment of
overdue debts to the Company. (Non-current assets)
The Company’s 17% equity interest in “Athens Airport Fuel Pipeline” has been classified as an available
for sale financial asset. This asset is measured at its fair value at the balance sheet date. Any fair value
gain (net of tax) is recognized directly in equity. In 007, a net fair value gain of €608.8 was recognized
directly within equity.
Long-term guarantees relate to guarantees given to lessors for operating lease contracts, and were measured
at their present value, by discounting future cash flow transactions with the weighted average borrowing
rate of the Company.
4.13 Inventories 2007 2006 Restated
Inventory items are analysed as follows: 487.4 457.788
Analysis of inventories per category 41.47 49.88
5.18.800
Merchandise (67.688) 5.75.94
Consumables 5.519.882 (567.777)
Spare parts 5.975.187
Inventory impairment
Total inventories
Inventories consist of merchandise, consumables and spare parts and have been valued at the lower of
cost and net realizable value. Cost is determined by using the weighted average method, which has been
consistently applied since the establishment of the Company. During 007, an impairment loss of € 67.688
(006: €567.777) was recognized in the income statement to reduce certain obsolete and slow moving
items to their estimated net realizable value.
48
4.12 Other non-current assets 2007 2006
Other non-current assets are analysed as follows: 56.767.90 57.069.8
Analysis of other non-current assets
1.795.48 984.49
Blocked deposits 14.548 147.
Available for sale financial asset 58.200.999
Long term guarantees 58.706.950
Total other non current assets
The Company maintains two blocked bank accounts: The Hermes Cash Reserve Account and the Revenue
at Risk Reserve Account.
The Hermes Cash Reserve Account reflected a balance of € 0..495 as at 1 December 007 (1 December
006 € 0.64.804). This account serves as security, for an amount equivalent to the aggregate of the
principal repayment and interest payable at the following repayment date, based on the Commercial Loan
Agreement. It will be released in September 009 upon the full repayment of the aforementioned loan.
The Revenue at Risk Reserve Account (RRRA) at 1 December 007 remains at the same level of €6.444.44
as at 1 December 006. The purpose of this account is to provide security in favour of bankers in respect
to overdue customer debts due to the Company. The RRRA shall remain in force until the full repayment
of the Master Facility Agreement (MFA) and the Commercial Loan Agreement or the full repayment of
overdue debts to the Company. (Non-current assets)
The Company’s 17% equity interest in “Athens Airport Fuel Pipeline” has been classified as an available
for sale financial asset. This asset is measured at its fair value at the balance sheet date. Any fair value
gain (net of tax) is recognized directly in equity. In 007, a net fair value gain of €608.8 was recognized
directly within equity.
Long-term guarantees relate to guarantees given to lessors for operating lease contracts, and were measured
at their present value, by discounting future cash flow transactions with the weighted average borrowing
rate of the Company.
4.13 Inventories 2007 2006 Restated
Inventory items are analysed as follows: 487.4 457.788
Analysis of inventories per category 41.47 49.88
5.18.800
Merchandise (67.688) 5.75.94
Consumables 5.519.882 (567.777)
Spare parts 5.975.187
Inventory impairment
Total inventories
Inventories consist of merchandise, consumables and spare parts and have been valued at the lower of
cost and net realizable value. Cost is determined by using the weighted average method, which has been
consistently applied since the establishment of the Company. During 007, an impairment loss of € 67.688
(006: €567.777) was recognized in the income statement to reduce certain obsolete and slow moving
items to their estimated net realizable value.
48
