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1. Incorporation & Activities of the Company
Athens International Airport S.A. (the Company) is active in the financing, construction and operation of civil
airports and related activities. As a civil airport operator the Company manages the Athens International
Airport at Spata, Greece. The Company is a Societe Anonyme incorporated and domiciled in Greece. The
address of its registered office is Spata, Attica 190 19.
The Company was established on 1 July 1995 by the Greek State & Private Investors for the purpose of
the finance, construction, operation and development of the new international airport at Spata Attica. In
exchange of the finance, construction, operation and development of the airport the Greek State granted
and Athens International Airport S.A. holds, a Concession Period of 0 years commencing on 11 June 1996.
At the end of the concession arrangement (11 June 06) the airport with all usufruct additions will revert
to the Greek State, which will enjoy all rights of ownership over these without payment of any kind and
clear of any security, unless the concession arrangement is renewed.
The Airport Development Agreement (ADA) and the Articles of Association of the Company were ratified
and put in legal force with the Law 8/14/9/1995.
The Company commenced its commercial operations in March 001 following a construction period of
approximately 5 years initiated in September 1996.
The number of staff employed at year-end was 755 employees, compared to 70 employees at the end
of 006.
2. Significant Accounting Policies
The principal accounting policies applied in the preparation of these financial statements are set out below.
These policies have been consistently applied to all the years presented, except for the effects of the adoption
of IFRIC 1 “Service Concession Arrangements”, as more fully explained in note .4.(a) and Chapter 7.
2.1 Basis of Preparation
The financial statements of the Company have been prepared in accordance with International Financial
Reporting Standards (IFRS). The Company’s financial statements have been prepared under the historical
cost convention, as modified by the revaluation of Available for Sale of financial assets.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting
estimates. It also requires management to exercise its judgment in the process of applying the Company’s
accounting policies.
Financial statements are presented in EURO (€), rounded to the nearest EURO (€).
a) Interpretations early adopted by the Company
IFRIC 1 “Service Concession Arrangements” was early adopted in 007 by the Company. IFRIC 1 applies
to companies that participate in Service Concession Arrangements and closes the gap that existed in
IFRS as regards accounting for rights and obligations under service concessions granted to private-sector
operators by government.
This interpretation sets out two alternative treatments for Service Concession Arrangements depending
on whether the Company (i.e. the operator) has an unconditional contractual right to receive a payment
from government or merely a right to charge users based on the usage of services. In the first instance, the
“financial asset model” is applied and a financial asset is recognized. In the second, the operator acquires
an intangible asset permitting it to operate public infrastructure; that is, the “intangible asset model” is
applied.
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Athens International Airport S.A. (the Company) is active in the financing, construction and operation of civil
airports and related activities. As a civil airport operator the Company manages the Athens International
Airport at Spata, Greece. The Company is a Societe Anonyme incorporated and domiciled in Greece. The
address of its registered office is Spata, Attica 190 19.
The Company was established on 1 July 1995 by the Greek State & Private Investors for the purpose of
the finance, construction, operation and development of the new international airport at Spata Attica. In
exchange of the finance, construction, operation and development of the airport the Greek State granted
and Athens International Airport S.A. holds, a Concession Period of 0 years commencing on 11 June 1996.
At the end of the concession arrangement (11 June 06) the airport with all usufruct additions will revert
to the Greek State, which will enjoy all rights of ownership over these without payment of any kind and
clear of any security, unless the concession arrangement is renewed.
The Airport Development Agreement (ADA) and the Articles of Association of the Company were ratified
and put in legal force with the Law 8/14/9/1995.
The Company commenced its commercial operations in March 001 following a construction period of
approximately 5 years initiated in September 1996.
The number of staff employed at year-end was 755 employees, compared to 70 employees at the end
of 006.
2. Significant Accounting Policies
The principal accounting policies applied in the preparation of these financial statements are set out below.
These policies have been consistently applied to all the years presented, except for the effects of the adoption
of IFRIC 1 “Service Concession Arrangements”, as more fully explained in note .4.(a) and Chapter 7.
2.1 Basis of Preparation
The financial statements of the Company have been prepared in accordance with International Financial
Reporting Standards (IFRS). The Company’s financial statements have been prepared under the historical
cost convention, as modified by the revaluation of Available for Sale of financial assets.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting
estimates. It also requires management to exercise its judgment in the process of applying the Company’s
accounting policies.
Financial statements are presented in EURO (€), rounded to the nearest EURO (€).
a) Interpretations early adopted by the Company
IFRIC 1 “Service Concession Arrangements” was early adopted in 007 by the Company. IFRIC 1 applies
to companies that participate in Service Concession Arrangements and closes the gap that existed in
IFRS as regards accounting for rights and obligations under service concessions granted to private-sector
operators by government.
This interpretation sets out two alternative treatments for Service Concession Arrangements depending
on whether the Company (i.e. the operator) has an unconditional contractual right to receive a payment
from government or merely a right to charge users based on the usage of services. In the first instance, the
“financial asset model” is applied and a financial asset is recognized. In the second, the operator acquires
an intangible asset permitting it to operate public infrastructure; that is, the “intangible asset model” is
applied.
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