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Financial Statements
4.5 Subsidies received towards principal and interest on borrowings
Airport Development Fund (ADF)
In accordance with law 065/199, as amended with law 89/001, the Greek State imposed a fee on
passengers, departing from Greek Airports older than 5 years old, aiming to ensuring that airlines and
passengers will share the responsibility for the development cost of the commercial aviation infrastructure
in the Hellenic Republic.
A passenger fee is collected by the airlines and consequently refunded to the Hellenic Civil Aviation Authority
on a monthly basis, through bank accounts opened with the Bank of Greece for each airport, in favour of
the latter.
According to article 6.1 of law 8/1995, the “Airport Development Agreement”, the Greek State
undertook the responsibility to collect the passenger fee over the period from 1/11/1994 to 1/11/014.
The Greek State also committed that article 40 of law 065/199 “will not be amended or modified in any
respect which materially prejudices the financial return of the Airport Company”.
Based on the provisions of article 6. of law 8/1995, in conjunction with article 16 of law 89/001,
the airport Company, at all times prior to airport opening and at all times after the airport opening, is
entitled to make withdrawals from the Spata Airport Development Fund, in order to:
• fund or reimburse the cost incurred by the airport Company in connection with the construction of the
Airport or in meeting payments of principal or interest in respect of the debt incurred for that purpose;
and
• make future capital investments in the airport or meet payments of principal and interest in respect of
the debt incurred for that purpose.
For the year ended 1 December 007 the Company was entitled to subsidies under the ADF amounting
to €7.954.611 (006: €66.198.491) towards meeting principal and interest on borrowings as analyses
below:
2007 2006
Receivables meeting interest and related expenses 64.59. 66.198.491
Receivables towards meeting principal payments 8.595.78 0
Total subsidies receivable 72.954.611 66.198.491
Any subsidies receivable in excess of qualifying interest and related expenses for the year are shown as
other revenues in line with the accounting policy .14. Part of this amount was actually collected, while
the balance was accounted for as receivable in the balance sheet. (Refer to note 4.16)
40
4.5 Subsidies received towards principal and interest on borrowings
Airport Development Fund (ADF)
In accordance with law 065/199, as amended with law 89/001, the Greek State imposed a fee on
passengers, departing from Greek Airports older than 5 years old, aiming to ensuring that airlines and
passengers will share the responsibility for the development cost of the commercial aviation infrastructure
in the Hellenic Republic.
A passenger fee is collected by the airlines and consequently refunded to the Hellenic Civil Aviation Authority
on a monthly basis, through bank accounts opened with the Bank of Greece for each airport, in favour of
the latter.
According to article 6.1 of law 8/1995, the “Airport Development Agreement”, the Greek State
undertook the responsibility to collect the passenger fee over the period from 1/11/1994 to 1/11/014.
The Greek State also committed that article 40 of law 065/199 “will not be amended or modified in any
respect which materially prejudices the financial return of the Airport Company”.
Based on the provisions of article 6. of law 8/1995, in conjunction with article 16 of law 89/001,
the airport Company, at all times prior to airport opening and at all times after the airport opening, is
entitled to make withdrawals from the Spata Airport Development Fund, in order to:
• fund or reimburse the cost incurred by the airport Company in connection with the construction of the
Airport or in meeting payments of principal or interest in respect of the debt incurred for that purpose;
and
• make future capital investments in the airport or meet payments of principal and interest in respect of
the debt incurred for that purpose.
For the year ended 1 December 007 the Company was entitled to subsidies under the ADF amounting
to €7.954.611 (006: €66.198.491) towards meeting principal and interest on borrowings as analyses
below:
2007 2006
Receivables meeting interest and related expenses 64.59. 66.198.491
Receivables towards meeting principal payments 8.595.78 0
Total subsidies receivable 72.954.611 66.198.491
Any subsidies receivable in excess of qualifying interest and related expenses for the year are shown as
other revenues in line with the accounting policy .14. Part of this amount was actually collected, while
the balance was accounted for as receivable in the balance sheet. (Refer to note 4.16)
40
