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5. Financial Performance
During 007, Athens International Airport’s strong financial Chart 5. presents the comparison of AIA’s income streams
performance has once again proved the company’s robust vs. 006.
state. In fact, AIA continued to deliver excellent financial
results, reflecting a favourable traffic development and
strong growth in all revenue streams. The company’s Profit
before Tax rose, from €94.6 million1 in 006, to €15.7
million. The following section provides a review of the
company’s financial performance in 007.
Operating Revenues & ADF
In 007, AIA’s operating revenues, inclusive of the company’s
share from the Airport Development Fund (ADF), increased
by 11.8%, from €57.5 million to €99.5 million. Chart 5.1
shows the revenue breakdown.
Revenue from airport charges rose by 15.%, as a result Operating Expenses
of traffic growth and the charges adjustment in 007. As Total operating expenses amounted to €10.4 million
of May 007, a below-inflation adjustment of .% was in 007. Apart from the impact of inflation and the
applied in all airport charges excluding security charge, for personnel pay adjustments, among the factors contributing
which the increased security requirements were addressed to increased operating expenses versus the prior year’s
with an increase of €0.8 per departing passenger. AIA’s reported figures, are the incremental costs attributed to
share from the Airport Development Fund (ADF) reached security (mainly due to the new EU regulation regarding
the level of €7.0 million, posting an increase of 10.%, liquids) and to additional requirements for maintenance
in line with traffic growth. Aeronautical income (Airport and marketing activities. Meanwhile, the company realised
Charges & ADF) remained the largest source of the airport’s savings in various other cost categories, such as advisory
income, at 61% of its total income. expenses, insurance contracts and utilities. The overall year-
All segments of non-aeronautical income demonstrated high on-year operating cost increase was 4.4% demonstrating
performance, reaching €155.7 million, a year-on-year growth effective cost control and efficiency. The 007 operating
of 8.8%. Revenues from commercial activities grew by 8.7% expenses breakdown and comparison against 006 are
with both terminal retail stores and car parking presenting presented in Charts 5. & 5.4.
a positive development. Revenues from ground handling
and airside concessions increased by 9.0%, consistent
with traffic growth and the corresponding utilisation of
the airport’s centralised infrastructure. Property and real
estate revenues rose by 9.%, following the expansion of
the airport’s retail park. Finally, IT&T revenues recorded an
increase of 5.4%.
1The company adopted in 2007 the IFRIC 12 (International Financial Reporting
Interpretations Committee), the interpretation concerning the accounting
treatment of service concession arrangements in IFRS financial statements.
2006 profitability has been restated for comparison purposes, by incorporating
the corresponding impact of IFRIC 12.
4
During 007, Athens International Airport’s strong financial Chart 5. presents the comparison of AIA’s income streams
performance has once again proved the company’s robust vs. 006.
state. In fact, AIA continued to deliver excellent financial
results, reflecting a favourable traffic development and
strong growth in all revenue streams. The company’s Profit
before Tax rose, from €94.6 million1 in 006, to €15.7
million. The following section provides a review of the
company’s financial performance in 007.
Operating Revenues & ADF
In 007, AIA’s operating revenues, inclusive of the company’s
share from the Airport Development Fund (ADF), increased
by 11.8%, from €57.5 million to €99.5 million. Chart 5.1
shows the revenue breakdown.
Revenue from airport charges rose by 15.%, as a result Operating Expenses
of traffic growth and the charges adjustment in 007. As Total operating expenses amounted to €10.4 million
of May 007, a below-inflation adjustment of .% was in 007. Apart from the impact of inflation and the
applied in all airport charges excluding security charge, for personnel pay adjustments, among the factors contributing
which the increased security requirements were addressed to increased operating expenses versus the prior year’s
with an increase of €0.8 per departing passenger. AIA’s reported figures, are the incremental costs attributed to
share from the Airport Development Fund (ADF) reached security (mainly due to the new EU regulation regarding
the level of €7.0 million, posting an increase of 10.%, liquids) and to additional requirements for maintenance
in line with traffic growth. Aeronautical income (Airport and marketing activities. Meanwhile, the company realised
Charges & ADF) remained the largest source of the airport’s savings in various other cost categories, such as advisory
income, at 61% of its total income. expenses, insurance contracts and utilities. The overall year-
All segments of non-aeronautical income demonstrated high on-year operating cost increase was 4.4% demonstrating
performance, reaching €155.7 million, a year-on-year growth effective cost control and efficiency. The 007 operating
of 8.8%. Revenues from commercial activities grew by 8.7% expenses breakdown and comparison against 006 are
with both terminal retail stores and car parking presenting presented in Charts 5. & 5.4.
a positive development. Revenues from ground handling
and airside concessions increased by 9.0%, consistent
with traffic growth and the corresponding utilisation of
the airport’s centralised infrastructure. Property and real
estate revenues rose by 9.%, following the expansion of
the airport’s retail park. Finally, IT&T revenues recorded an
increase of 5.4%.
1The company adopted in 2007 the IFRIC 12 (International Financial Reporting
Interpretations Committee), the interpretation concerning the accounting
treatment of service concession arrangements in IFRS financial statements.
2006 profitability has been restated for comparison purposes, by incorporating
the corresponding impact of IFRIC 12.
4
