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08. Financial Statements
CHAPTER 1
REPORTING BY THE BoD TO THE ANNUAL GENERAL MEETING OF
THE SHAREHOLDERS
Dear Sirs,
With pleasure I welcome you today to the 13th Ordinary General Meeting of Shareholders of Athens
International Airport S.A., during which we shall review the year 2008.
According to article 43a, paragraph 3 of Codified Law (C.L.) 2190/1920, as this was replaced by article 35 of
Presidential Decree (P.D.) 409/1986, we submit herewith to your General Assembly the company’s Financial
Statements for its 13th financial period. The present report includes the analysis of these statements and
any supplementary information necessary or useful for the statements’ appreciation and approval by the
General Assembly, according to the proposal of the Board of Directors.
2008 was a challenging year for the global aviation industry. The world economy entered in recession
and fuel prices remained at extremely high levels for most of the year. Consequently, airlines once again
had to meet the challenges of cost reduction and efficiency improvement, while, on the passenger side,
propensity to travel was negatively affected. As a result, 2008 worldwide passenger traffic is expected to
present a small decline around the world, while airlines, according to IATA, are projected to experience
losses at the level of US$5 billion.
Under these challenging industry conditions, and with the main client of Athens International Airport (AIA),
Olympic Airlines, significantly reducing its operations, AIA passenger traffic nevertheless remained at the
high 2007 levels of 16,5 million passengers - marginally above the European average. While maintaining
a solid revenue stream from aeronautical activities, the successful development of AIA’s non-aeronautical
activities (40% of AIA’s total revenues), along with a sustained total cost base are the major contributors to
AIA’s profits in 2008. The year ended with positive financial results, enabling the company to post a pre-tax
profit of €149.4 million and propose the distribution of €105.0 million as dividend to its shareholders.
1. Traffic Highlights
Traffic at AIA for the year 2008 amounted to 199,000 flights (-2.9% vs. 2007) and 16.47 million passengers
(-0.4% vs. 2007). Despite the reduced number of flights, mainly due to the considerable reduction in
Olympic Airlines’ capacity, passenger traffic achieved overall to remain at the high 2007 levels, with domestic
volumes slightly below (-2.2%) and international numbers growing by +0.5%. Most international regions
demonstrated increased passenger traffic for the year, with the Middle East achieving the highest level of
growth (+4.8%), followed by America (+3.7%) and Eastern Europe (+3.0%). Western Europe kept its 2007
passenger number, whereas the only region suffering a traffic decrease was the Far East (-6.3%).
Athens International Airport offered in 2008 direct scheduled operations to 115 destinations in 51 countries,
adding to its route network 4 new airports (Ljubljana, Nice, London Stansted, Oslo Rygge). These services
were operated by 67 airlines, 2 of which were newcomers (Adria Airways, Baboo).
Financial Statements as at 31 December 2008 (Amounts in Euros unless otherwise stated)
CHAPTER 1
REPORTING BY THE BoD TO THE ANNUAL GENERAL MEETING OF
THE SHAREHOLDERS
Dear Sirs,
With pleasure I welcome you today to the 13th Ordinary General Meeting of Shareholders of Athens
International Airport S.A., during which we shall review the year 2008.
According to article 43a, paragraph 3 of Codified Law (C.L.) 2190/1920, as this was replaced by article 35 of
Presidential Decree (P.D.) 409/1986, we submit herewith to your General Assembly the company’s Financial
Statements for its 13th financial period. The present report includes the analysis of these statements and
any supplementary information necessary or useful for the statements’ appreciation and approval by the
General Assembly, according to the proposal of the Board of Directors.
2008 was a challenging year for the global aviation industry. The world economy entered in recession
and fuel prices remained at extremely high levels for most of the year. Consequently, airlines once again
had to meet the challenges of cost reduction and efficiency improvement, while, on the passenger side,
propensity to travel was negatively affected. As a result, 2008 worldwide passenger traffic is expected to
present a small decline around the world, while airlines, according to IATA, are projected to experience
losses at the level of US$5 billion.
Under these challenging industry conditions, and with the main client of Athens International Airport (AIA),
Olympic Airlines, significantly reducing its operations, AIA passenger traffic nevertheless remained at the
high 2007 levels of 16,5 million passengers - marginally above the European average. While maintaining
a solid revenue stream from aeronautical activities, the successful development of AIA’s non-aeronautical
activities (40% of AIA’s total revenues), along with a sustained total cost base are the major contributors to
AIA’s profits in 2008. The year ended with positive financial results, enabling the company to post a pre-tax
profit of €149.4 million and propose the distribution of €105.0 million as dividend to its shareholders.
1. Traffic Highlights
Traffic at AIA for the year 2008 amounted to 199,000 flights (-2.9% vs. 2007) and 16.47 million passengers
(-0.4% vs. 2007). Despite the reduced number of flights, mainly due to the considerable reduction in
Olympic Airlines’ capacity, passenger traffic achieved overall to remain at the high 2007 levels, with domestic
volumes slightly below (-2.2%) and international numbers growing by +0.5%. Most international regions
demonstrated increased passenger traffic for the year, with the Middle East achieving the highest level of
growth (+4.8%), followed by America (+3.7%) and Eastern Europe (+3.0%). Western Europe kept its 2007
passenger number, whereas the only region suffering a traffic decrease was the Far East (-6.3%).
Athens International Airport offered in 2008 direct scheduled operations to 115 destinations in 51 countries,
adding to its route network 4 new airports (Ljubljana, Nice, London Stansted, Oslo Rygge). These services
were operated by 67 airlines, 2 of which were newcomers (Adria Airways, Baboo).
Financial Statements as at 31 December 2008 (Amounts in Euros unless otherwise stated)
