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Company recognised a deferred tax liability on the outstanding accelerated depreciation, net of the
corresponding accelerated amortisation of the cohesion fund, amounting to €57.884.650 (006:
€67.97.74).
The Company’s tax losses for the years 004 to 007 are still subject to audit and final assessment by the
tax authorities.
4.26 Other non-current liabilities 007 006
Other long-term liabilities are analysed as follows: 8.608.794 80.455.869
Analysis of other non-current liabilities
Grant of rights fee payable .5.89 .185.610
Long term securities provided by customers 74.0 15.599
Obligations under finance leases
Total other non-current liabilities 86.035.926 82.795.078
The airport Company shall pay a quarterly fee to the Greek State during the concession period for the
rights and privileges granted in ADA. The carrying amount of the liability represents the present value of
the future payment at the balance sheet date. In 007 a finance charge amounting to €4.15.95 has been
recorded as the unwind interest of the liability due to the passage of time (006: €.996.80). The amount
payable within the next 1 months is included in the other current liabilities. The present value of total future
payments at the time of airport opening has been included in the cost of the intangible concession asset
which is amortised over the concession period. An amount of €.44.861 is included in 007 amortisation
of the intangible concession asset with respect to the grant of rights fee (006: €.44.861).
Long-term securities relate to performance guarantees provided for by the lessees for long- term lease
agreements. Long-term securities are measured at their net present value, by discounting the future cash
flow payments with the weighted average borrowing rate, at the balance sheet date. The weighted average
borrowing rate for the Company for 007 was at the rate of 5,98%.
It is the Company’s policy to lease certain assets under finance lease agreements with an average duration
of 4 years. The Company’s obligations under finance leases are secured by the lessors’ title to the leased
assets. Upon the maturity of the lease agreements the Company holds the right to purchase the leased
assets at € each. As at 1 December 007 the average borrowing rate for the financial lease was at
6,64% (006 at 6,07%).
Finance lease liabilities are payable as follows:
Minimum lease payments
2007 2006
Principal Interest Total Principal Interest Total
Less than 1 year 158.59 9.14 167.75 48.819 0.46 469.81
Between 1 & 5 years 74.0 6.891 81.194 15.599 .55 157.14
Total lease payments 232.842 16.105 248.947 592.418 33.997 626.415
59
corresponding accelerated amortisation of the cohesion fund, amounting to €57.884.650 (006:
€67.97.74).
The Company’s tax losses for the years 004 to 007 are still subject to audit and final assessment by the
tax authorities.
4.26 Other non-current liabilities 007 006
Other long-term liabilities are analysed as follows: 8.608.794 80.455.869
Analysis of other non-current liabilities
Grant of rights fee payable .5.89 .185.610
Long term securities provided by customers 74.0 15.599
Obligations under finance leases
Total other non-current liabilities 86.035.926 82.795.078
The airport Company shall pay a quarterly fee to the Greek State during the concession period for the
rights and privileges granted in ADA. The carrying amount of the liability represents the present value of
the future payment at the balance sheet date. In 007 a finance charge amounting to €4.15.95 has been
recorded as the unwind interest of the liability due to the passage of time (006: €.996.80). The amount
payable within the next 1 months is included in the other current liabilities. The present value of total future
payments at the time of airport opening has been included in the cost of the intangible concession asset
which is amortised over the concession period. An amount of €.44.861 is included in 007 amortisation
of the intangible concession asset with respect to the grant of rights fee (006: €.44.861).
Long-term securities relate to performance guarantees provided for by the lessees for long- term lease
agreements. Long-term securities are measured at their net present value, by discounting the future cash
flow payments with the weighted average borrowing rate, at the balance sheet date. The weighted average
borrowing rate for the Company for 007 was at the rate of 5,98%.
It is the Company’s policy to lease certain assets under finance lease agreements with an average duration
of 4 years. The Company’s obligations under finance leases are secured by the lessors’ title to the leased
assets. Upon the maturity of the lease agreements the Company holds the right to purchase the leased
assets at € each. As at 1 December 007 the average borrowing rate for the financial lease was at
6,64% (006 at 6,07%).
Finance lease liabilities are payable as follows:
Minimum lease payments
2007 2006
Principal Interest Total Principal Interest Total
Less than 1 year 158.59 9.14 167.75 48.819 0.46 469.81
Between 1 & 5 years 74.0 6.891 81.194 15.599 .55 157.14
Total lease payments 232.842 16.105 248.947 592.418 33.997 626.415
59
