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08. Financial Statements
b) Building space rentals
The Company rents properties -including building spaces and cargo- within the airport premises under the
form of an operating lease.
Rental revenue from leased property is recognized in the income statement on a straight-line basis over
the term of the lease agreement.
As at the balance sheet date the Company has contracted with tenants for the following minimum non-
cancellable operating lease payments:
Analysis of minimum lease payments 2008 2007
Within one year 18.898.224 12.988.898
Between one and five years 62.014.314 44.538.623
More than five years 103.302.757 91.886.961
Total minimum lease payments 184.215.295 149.414.482
c) Concession agreements
The Company’s business area has a total of 74 concession contracts, at the balance sheet date, concerning
the performance of various commercial activities at the airport.
A concession involves granting of rights to a concession holder to operate and manage a commercial
activity in a specific location designated by the Company. The concession rights are calculated according
to an agreed scale as a percentage of the sales generated by the concession holder subject to an annual
minimum guaranteed fee. A separate part of the concession contract is entered into for the space required
for warehouses, for which a fixed rent is payable.
Concession revenues are recognised in the income statement on a monthly basis, while the settlement of
the annual concession fees is finally recognised by the Company in the income statement, at year-end.
Concession fees earned for the year ended 31 December 2008 include contingent revenues amounting to
€6.413.631 (2007: €6.405.638).
d) IT & T charges
IT & T services are offered to the Airport Community (airlines, handlers, passengers, concessionaires,
governmental authorities etc) as well as to customers in Greece and/or abroad, for consulting and integrated
IT&T services provided to private and public bodies.
The Company offers a complete range of telecommunications & information technology services through the
operation and management of a Private Corporate Network. Service level agreements are established with
the potential customers in order to safeguard the quality and the continuous provision of the services.
The offered service portfolio includes the provision of telecommunication products and services such as
leased lines, voice, TETRA, Wide Area Network and Virtual Private Network services. At the same time the
Company provides Wireless & Fixed Internet services. The Company is the single point of reference for the
offered services to Airport Community.
IT & T revenues are recognised in the income statement at the time of completion of each service rendered.
Sales of equipment are recognised in the income statement when the significant risks and rewards have
been transferred to the buyer.
Operating revenues are analysed between air and non-air activities as follows:
Financial Statements as at 31 December 2008 (Amounts in Euros unless otherwise stated)
b) Building space rentals
The Company rents properties -including building spaces and cargo- within the airport premises under the
form of an operating lease.
Rental revenue from leased property is recognized in the income statement on a straight-line basis over
the term of the lease agreement.
As at the balance sheet date the Company has contracted with tenants for the following minimum non-
cancellable operating lease payments:
Analysis of minimum lease payments 2008 2007
Within one year 18.898.224 12.988.898
Between one and five years 62.014.314 44.538.623
More than five years 103.302.757 91.886.961
Total minimum lease payments 184.215.295 149.414.482
c) Concession agreements
The Company’s business area has a total of 74 concession contracts, at the balance sheet date, concerning
the performance of various commercial activities at the airport.
A concession involves granting of rights to a concession holder to operate and manage a commercial
activity in a specific location designated by the Company. The concession rights are calculated according
to an agreed scale as a percentage of the sales generated by the concession holder subject to an annual
minimum guaranteed fee. A separate part of the concession contract is entered into for the space required
for warehouses, for which a fixed rent is payable.
Concession revenues are recognised in the income statement on a monthly basis, while the settlement of
the annual concession fees is finally recognised by the Company in the income statement, at year-end.
Concession fees earned for the year ended 31 December 2008 include contingent revenues amounting to
€6.413.631 (2007: €6.405.638).
d) IT & T charges
IT & T services are offered to the Airport Community (airlines, handlers, passengers, concessionaires,
governmental authorities etc) as well as to customers in Greece and/or abroad, for consulting and integrated
IT&T services provided to private and public bodies.
The Company offers a complete range of telecommunications & information technology services through the
operation and management of a Private Corporate Network. Service level agreements are established with
the potential customers in order to safeguard the quality and the continuous provision of the services.
The offered service portfolio includes the provision of telecommunication products and services such as
leased lines, voice, TETRA, Wide Area Network and Virtual Private Network services. At the same time the
Company provides Wireless & Fixed Internet services. The Company is the single point of reference for the
offered services to Airport Community.
IT & T revenues are recognised in the income statement at the time of completion of each service rendered.
Sales of equipment are recognised in the income statement when the significant risks and rewards have
been transferred to the buyer.
Operating revenues are analysed between air and non-air activities as follows:
Financial Statements as at 31 December 2008 (Amounts in Euros unless otherwise stated)
