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Financial Statements
The Company is exposed to fair value interest rate risk as a result of discounting liabilities and receivables
of long term settlement. Such liabilities and receivables are discounted using the Company’s WACC which
is affected by interest rates fluctuations. The impact from possible future interest rates on the Company’s
financial performance from liabilities of long term settlement is presented bellow:
2007 2006
Interest rates fluctuation +1% -1% +1% -1%
Grant of rights fee payable (171.67) 1.78 (15.999) 169.17
Provision for major restoration expenses (80.769) 86.06 (78.69) 85.16
Total impact on intere st expenses (252.441) 209.988 (294.628) 254.533
The impact from possible future interest rates on the Company’s financial performance from the settlement
of the financial assets is presented in note 4.4 “Net financial expenses”.
c) Price Risk
The Company’s exposure to equity securities price risk is limited to the investment in an unlisted entity
held by the Company and classified on balance sheet as available for sale. The Company is not exposed to
commodity price risk.
d) Credit Risk
The Company has established a credit policy and implements credit control procedures aiming in minimizing
collection losses by obtaining, where appropriate, securities extended by its customers. Credit control assesses
the credit quality of the customers, taking into account their financial and credit standing position, past
experience and other factors. Additional real or other securities are asked for where it is necessary.
Trade and other receivables are analysed as follows in terms of credit risk:
Trade and other receivables analysis 2007 2006
Fully performed 14.601.15 0.5.095
Past due but not impaired 9.989.855 6.096.651
Impaired 110.88.01 100.86.585
Total trade and other receivables analysis 135.429.021 127.284.331
The aging analysis of the past, but not impaired amount is presented in the following table:
Aging analysis of past due but 2007 2006
not impaired receivables
1-0 days 5.767.61 5.71.151
1-60 days .455.84 90.78
Over 60 days 766.75 44.718
Total of past due but not impaired receivables 9.989.855 6.096.651
• Credit Quality of Financial Assets
The credit quality of the financial assets is quite satisfactory, taking into account the allowance for doubtful
debt. The Company has established a credit policy which requires the customers to extend securities for the
use of airport’s services and facilities. The securities held by the Company are in the form of cash deposits,
bank letter of guarantee and mortgages on aircrafts. The fair value of the collaterals held by the Company
as at 1 December 007 is analysed as follows:
0
The Company is exposed to fair value interest rate risk as a result of discounting liabilities and receivables
of long term settlement. Such liabilities and receivables are discounted using the Company’s WACC which
is affected by interest rates fluctuations. The impact from possible future interest rates on the Company’s
financial performance from liabilities of long term settlement is presented bellow:
2007 2006
Interest rates fluctuation +1% -1% +1% -1%
Grant of rights fee payable (171.67) 1.78 (15.999) 169.17
Provision for major restoration expenses (80.769) 86.06 (78.69) 85.16
Total impact on intere st expenses (252.441) 209.988 (294.628) 254.533
The impact from possible future interest rates on the Company’s financial performance from the settlement
of the financial assets is presented in note 4.4 “Net financial expenses”.
c) Price Risk
The Company’s exposure to equity securities price risk is limited to the investment in an unlisted entity
held by the Company and classified on balance sheet as available for sale. The Company is not exposed to
commodity price risk.
d) Credit Risk
The Company has established a credit policy and implements credit control procedures aiming in minimizing
collection losses by obtaining, where appropriate, securities extended by its customers. Credit control assesses
the credit quality of the customers, taking into account their financial and credit standing position, past
experience and other factors. Additional real or other securities are asked for where it is necessary.
Trade and other receivables are analysed as follows in terms of credit risk:
Trade and other receivables analysis 2007 2006
Fully performed 14.601.15 0.5.095
Past due but not impaired 9.989.855 6.096.651
Impaired 110.88.01 100.86.585
Total trade and other receivables analysis 135.429.021 127.284.331
The aging analysis of the past, but not impaired amount is presented in the following table:
Aging analysis of past due but 2007 2006
not impaired receivables
1-0 days 5.767.61 5.71.151
1-60 days .455.84 90.78
Over 60 days 766.75 44.718
Total of past due but not impaired receivables 9.989.855 6.096.651
• Credit Quality of Financial Assets
The credit quality of the financial assets is quite satisfactory, taking into account the allowance for doubtful
debt. The Company has established a credit policy which requires the customers to extend securities for the
use of airport’s services and facilities. The securities held by the Company are in the form of cash deposits,
bank letter of guarantee and mortgages on aircrafts. The fair value of the collaterals held by the Company
as at 1 December 007 is analysed as follows:
0
