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Financial Statements
CHAPTER 8
INDEPENDENT AUDITOR’S REPORT
To the Shareholders of ATHENS INTERNATIONAL AIRPORT S.A.
Report on the Financial Statements
We have audited the accompanying financial statements of ATHENS INTERNATIONAL AIRPORT S.A (“the
Company”) which comprise the company balance sheet as of 1 December 007, the income statement,
statement of changes in equity and cash flow statement for the year then ended and a summary of
significant accounting policies and other explanatory notes.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with International Financial Reporting Standards as adopted by European Union. This responsibility
includes: designing, implementing and maintaining internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or
error; selecting and applying appropriate accounting policies; and making accounting estimates that are
reasonable in the circumstances.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted
our audit in accordance with Greek Auditing Standards which conform with International Standards on
Auditing. Those Standards require that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor’s judgment, including the assessment
of the risks of material misstatement of the financial statements, whether due to fraud or error. In making
those risk assessments, the auditor considers internal control relevant to the entity’s preparation and
fair presentation of the financial statements in order to design audit procedures that are appropriate in
the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s
internal control. An audit also includes evaluating the appropriateness of accounting policies used and the
reasonableness of accounting estimates made by management, as well as evaluating the overall presentation
of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinion.
Opinion
In our opinion, the accompanying financial statements present fairly, in all material respects, the
financial position of the Company as of 1 December 007, and its financial performance and cash
66
CHAPTER 8
INDEPENDENT AUDITOR’S REPORT
To the Shareholders of ATHENS INTERNATIONAL AIRPORT S.A.
Report on the Financial Statements
We have audited the accompanying financial statements of ATHENS INTERNATIONAL AIRPORT S.A (“the
Company”) which comprise the company balance sheet as of 1 December 007, the income statement,
statement of changes in equity and cash flow statement for the year then ended and a summary of
significant accounting policies and other explanatory notes.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with International Financial Reporting Standards as adopted by European Union. This responsibility
includes: designing, implementing and maintaining internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or
error; selecting and applying appropriate accounting policies; and making accounting estimates that are
reasonable in the circumstances.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted
our audit in accordance with Greek Auditing Standards which conform with International Standards on
Auditing. Those Standards require that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor’s judgment, including the assessment
of the risks of material misstatement of the financial statements, whether due to fraud or error. In making
those risk assessments, the auditor considers internal control relevant to the entity’s preparation and
fair presentation of the financial statements in order to design audit procedures that are appropriate in
the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s
internal control. An audit also includes evaluating the appropriateness of accounting policies used and the
reasonableness of accounting estimates made by management, as well as evaluating the overall presentation
of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinion.
Opinion
In our opinion, the accompanying financial statements present fairly, in all material respects, the
financial position of the Company as of 1 December 007, and its financial performance and cash
66
