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position of the Company’s Financial Statements as of 1/1/006, as well as the impact on the Company’s
006 restated Financial Statements, are analytically presented.
• The operating revenues of the Company increased by €5. million or 1.1% compared to the previous
financial year, reaching the amount of €6. million, reflecting the additional income derived from
the traffic growth and the successful performance of non-aeronautical activities that grew by 8.8%.•
The other revenues of the Company increased significantly by €8.7 million, in comparison to the previous
financial year. This was due to the fact that, in 007, part of the receipts of the Airport Development
Fund (ADF) amounting to €8.6 million, was recorded for the first time as other revenues. Contrary to
the previous year - when all ADF receipts covered interest expenses and were therefore recorded as
subsidies related to financial expenses - in 007 only the amount of €64.4 million covered the interest
expenses, while the remaining €8.6 million was transferred to other revenues. In total, AIA’s participation
in the ADF reached the amount of €7.9 million, higher by €6.7 million or 10.% in comparison to the
prior financial year, posting an improvement in line with the traffic growth of the financial year 007.
• Operating expenses increased at a lower rate, higher by €5.5 million or 4.4% compared with 006, standing
at €10.4 million, reflecting the management’s commitment for operating cost efficiency.
• Earnings before interest, tax, depreciation & amortisation were increased in the year 007 by €8.4 million or
.1% compared to the previous year 006, reaching the level of €04.7 million.
• Depreciation charge was almost constant year-on-year, €7.6 million in 007 versus €7. million in 006.
• The net financial expenses increased by €6.1 million or 9.4% versus 006. This increase is attributed to the
recognition of notional financial expenses of €16.0 million, related to the present value at the Balance Sheet
date of the Company’s obligation to the Greek State for the rights granted, the provision for major restoration
expenses and the past due amounts receivable by trade debtors. Excluding the aforementioned financial
expenses, the actual financial expenses decreased by €5.5 million or 9.1% compared to the previous financial
year, as a result of lower interest on the EIB and Commercial Loans due to their gradual repayment and the
higher interest revenue resulting from the efficient cash management.
• Profit before Tax reached the amount of €15.7 million, €1.1 million or .9% higher than the previous
year. Taking into consideration the benefit of €.4 million attributed to the first time adoption impact of the
interpretation IFRIC 1 “Service Concession Arrangements” and after accounting for the accumulated income
taxes of €.0 million, there remains a distributable profit of €96.1 million. Of this amount, a sum of €90.0
million is proposed by the Board of Directors to be distributed to the shareholders as dividend.
• The Balance Sheet of December 1st, 007 reflects Net Assets of €1.57 billion. The value of the Company’s
Non-Current Assets (€1.9 billion) represents 8% of Total Assets, indicating that AIA is a capital intensive
Company.
• All Fixed Assets are recorded in the Fixed Assets Register and are free of any encumbrances apart from the
assignment of the Usufruct extended since 1996 in favour of the Lenders. Fixed Assets were depreciated
at rates reflecting their estimated useful lives and the legal limits on their use as provided by the ADA. The
value of the Usufruct of the Land that was assigned by the Greek State for the development and operation
of the Airport, the present value of the Grant of Rights Fee and the value of the Intangible Assets are equally
depreciated over the 5-year concession period. Available for Sale Financial Assets consists of €1.8 million and
represents the fair value of the Company’s participation in the equity of Athens Airport Fuel Pipeline Company
SA.
• The Company’s Current Assets at December 1st, 007 reached the amount of €8.9 million,
representing an increase of €4.7 million compared to prior year-end, mainly due to the
9
006 restated Financial Statements, are analytically presented.
• The operating revenues of the Company increased by €5. million or 1.1% compared to the previous
financial year, reaching the amount of €6. million, reflecting the additional income derived from
the traffic growth and the successful performance of non-aeronautical activities that grew by 8.8%.•
The other revenues of the Company increased significantly by €8.7 million, in comparison to the previous
financial year. This was due to the fact that, in 007, part of the receipts of the Airport Development
Fund (ADF) amounting to €8.6 million, was recorded for the first time as other revenues. Contrary to
the previous year - when all ADF receipts covered interest expenses and were therefore recorded as
subsidies related to financial expenses - in 007 only the amount of €64.4 million covered the interest
expenses, while the remaining €8.6 million was transferred to other revenues. In total, AIA’s participation
in the ADF reached the amount of €7.9 million, higher by €6.7 million or 10.% in comparison to the
prior financial year, posting an improvement in line with the traffic growth of the financial year 007.
• Operating expenses increased at a lower rate, higher by €5.5 million or 4.4% compared with 006, standing
at €10.4 million, reflecting the management’s commitment for operating cost efficiency.
• Earnings before interest, tax, depreciation & amortisation were increased in the year 007 by €8.4 million or
.1% compared to the previous year 006, reaching the level of €04.7 million.
• Depreciation charge was almost constant year-on-year, €7.6 million in 007 versus €7. million in 006.
• The net financial expenses increased by €6.1 million or 9.4% versus 006. This increase is attributed to the
recognition of notional financial expenses of €16.0 million, related to the present value at the Balance Sheet
date of the Company’s obligation to the Greek State for the rights granted, the provision for major restoration
expenses and the past due amounts receivable by trade debtors. Excluding the aforementioned financial
expenses, the actual financial expenses decreased by €5.5 million or 9.1% compared to the previous financial
year, as a result of lower interest on the EIB and Commercial Loans due to their gradual repayment and the
higher interest revenue resulting from the efficient cash management.
• Profit before Tax reached the amount of €15.7 million, €1.1 million or .9% higher than the previous
year. Taking into consideration the benefit of €.4 million attributed to the first time adoption impact of the
interpretation IFRIC 1 “Service Concession Arrangements” and after accounting for the accumulated income
taxes of €.0 million, there remains a distributable profit of €96.1 million. Of this amount, a sum of €90.0
million is proposed by the Board of Directors to be distributed to the shareholders as dividend.
• The Balance Sheet of December 1st, 007 reflects Net Assets of €1.57 billion. The value of the Company’s
Non-Current Assets (€1.9 billion) represents 8% of Total Assets, indicating that AIA is a capital intensive
Company.
• All Fixed Assets are recorded in the Fixed Assets Register and are free of any encumbrances apart from the
assignment of the Usufruct extended since 1996 in favour of the Lenders. Fixed Assets were depreciated
at rates reflecting their estimated useful lives and the legal limits on their use as provided by the ADA. The
value of the Usufruct of the Land that was assigned by the Greek State for the development and operation
of the Airport, the present value of the Grant of Rights Fee and the value of the Intangible Assets are equally
depreciated over the 5-year concession period. Available for Sale Financial Assets consists of €1.8 million and
represents the fair value of the Company’s participation in the equity of Athens Airport Fuel Pipeline Company
SA.
• The Company’s Current Assets at December 1st, 007 reached the amount of €8.9 million,
representing an increase of €4.7 million compared to prior year-end, mainly due to the
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