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Financial Statements
In April 007, the Annual General Meeting of Shareholders approved the distribution of dividends amounting
to €55.500.000 or €1,85 per share, which was fully paid to the shareholders in June 007. At the forthcoming
Annual General Meeting of the Shareholders, the Board of Directors will propose a dividend distribution
amounting to €90.000.000, or €,00 per ordinary share, with respect to the current financial year. These
dividends have not been provided for. Refer to notes 4.6 and 4.5 with respect to the income tax consequences
on the proposed dividends distribution.
4.21 Foreign currency transactions
Assets and liabilities of the Company that are denominated in foreign currencies have been valued at the
prevailing exchange rates at the date of the settlement or at year-end. Any difference arising from the
settlement or the revaluation of monetary items other than euro, are recognised in the income statement
for the period.
4.22 Bank loans and other borrowings
The financial liabilities measured at amortised cost at 1 December 007 analysed as follows:
Analysis of loans 2007 2006
Long term loans
EIB loan 8.88.56 865.718.445
Commercial loan 6.678.756 7.57.51
Cargo loan 1.9.40 .844.806
Total long term loans 861.483.722 942.920.763
Short term loans 40.69.45
EIB loan 4.85.88 6.678.756
Commercial loan 6.678.756
Cargo loan 1.9.40
Subordinated loan 1.9.40 1.87.06
Accrued interest & related expenses 1.87.06
6.951.68
Total short term loans 4.15.98 107.309.043
Total bank & subordinated loans 107.139.502 1.050.229.806
968.623.224
The Company was granted three bank loans for the finance of the airport development throughout the
construction period (1996-001): EIB loan (€ 997.0 million), Commercial Loan (€ 11.77 million) and Cargo
Loan (€ 16.4 million).
a. Bank loans
The EIB loan consists of five finance contracts covering the whole amount of the loan (outstanding balance
of € 865.7 million, as at 1 December 007). The tranches of the five contracts are subject to varying fixed
interest rates at a weighted average interest rate of 6.11% per annum. In accordance with article . of
the ADA, the EIB loan is guaranteed by the Greek State. The Company has the right to voluntarily prepay
all or part of the EIB loan in amounts of at least € 0.451.675 bearing a prepayment charge.
The Commercial loan (outstanding balance of € 7.6 million, as at 1 December 007) is guaranteed
by the Federal Republic of Germany, through HERMES, the export credit insurance scheme. It is a
syndicated loan with Bayerische Hypo Und Vereinsbank having assumed the function of lenders’
5
In April 007, the Annual General Meeting of Shareholders approved the distribution of dividends amounting
to €55.500.000 or €1,85 per share, which was fully paid to the shareholders in June 007. At the forthcoming
Annual General Meeting of the Shareholders, the Board of Directors will propose a dividend distribution
amounting to €90.000.000, or €,00 per ordinary share, with respect to the current financial year. These
dividends have not been provided for. Refer to notes 4.6 and 4.5 with respect to the income tax consequences
on the proposed dividends distribution.
4.21 Foreign currency transactions
Assets and liabilities of the Company that are denominated in foreign currencies have been valued at the
prevailing exchange rates at the date of the settlement or at year-end. Any difference arising from the
settlement or the revaluation of monetary items other than euro, are recognised in the income statement
for the period.
4.22 Bank loans and other borrowings
The financial liabilities measured at amortised cost at 1 December 007 analysed as follows:
Analysis of loans 2007 2006
Long term loans
EIB loan 8.88.56 865.718.445
Commercial loan 6.678.756 7.57.51
Cargo loan 1.9.40 .844.806
Total long term loans 861.483.722 942.920.763
Short term loans 40.69.45
EIB loan 4.85.88 6.678.756
Commercial loan 6.678.756
Cargo loan 1.9.40
Subordinated loan 1.9.40 1.87.06
Accrued interest & related expenses 1.87.06
6.951.68
Total short term loans 4.15.98 107.309.043
Total bank & subordinated loans 107.139.502 1.050.229.806
968.623.224
The Company was granted three bank loans for the finance of the airport development throughout the
construction period (1996-001): EIB loan (€ 997.0 million), Commercial Loan (€ 11.77 million) and Cargo
Loan (€ 16.4 million).
a. Bank loans
The EIB loan consists of five finance contracts covering the whole amount of the loan (outstanding balance
of € 865.7 million, as at 1 December 007). The tranches of the five contracts are subject to varying fixed
interest rates at a weighted average interest rate of 6.11% per annum. In accordance with article . of
the ADA, the EIB loan is guaranteed by the Greek State. The Company has the right to voluntarily prepay
all or part of the EIB loan in amounts of at least € 0.451.675 bearing a prepayment charge.
The Commercial loan (outstanding balance of € 7.6 million, as at 1 December 007) is guaranteed
by the Federal Republic of Germany, through HERMES, the export credit insurance scheme. It is a
syndicated loan with Bayerische Hypo Und Vereinsbank having assumed the function of lenders’
5
