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08. Financial Statements
4.11 Government grants
A government grant relating to assets is recognised in the balance sheet initially as a deduction of the
acquisition cost of the fixed assets when there is reasonable assurance that it will be received and that
the Company will comply with the conditions attaching to it. Grants that compensate the Company for
the cost of an asset are recognised in the income statement, as other operating income or deducted from
reported amount of the related asset, on a systematic basis over the useful life of the asset.
Investment grants on owned & intangible assets: the Cohesion Fund
In accordance with paragraph 22.3 of the ADA, the Greek State undertook the responsibility to make
concerted efforts in order to attain for the Company grants from European Community of €400.000.000 for
the financing of the construction cost of the airport. Following the signing off of the Identified Construction
Contract, between the Company and the Consortium of the Constructors, the Greek State applied for the
Cohesion Fund financing. The Company, having fulfilled all the conditions called for by the Cohesion Fund,
was finally financed an amount of €398.124.115.
In accordance with IAS 20, government grants relating to assets are presented in the balance sheet either by
setting up the grants as deferred income or by deducting the grants received, against the acquisition cost
of the pertinent fixed assets. The Company adopted the second method of presentation that is, deducting
the grants from the carrying amount of the assets. For the allocation of the cohesion fund grants received,
refer to notes 4.8 & 4.10.
The cohesion fund grant is amortised using the straight-line method over the useful life of the assets,
which were financed with this grant.
Financial Statements as at 31 December 2008 (Amounts in Euros unless otherwise stated)
4.11 Government grants
A government grant relating to assets is recognised in the balance sheet initially as a deduction of the
acquisition cost of the fixed assets when there is reasonable assurance that it will be received and that
the Company will comply with the conditions attaching to it. Grants that compensate the Company for
the cost of an asset are recognised in the income statement, as other operating income or deducted from
reported amount of the related asset, on a systematic basis over the useful life of the asset.
Investment grants on owned & intangible assets: the Cohesion Fund
In accordance with paragraph 22.3 of the ADA, the Greek State undertook the responsibility to make
concerted efforts in order to attain for the Company grants from European Community of €400.000.000 for
the financing of the construction cost of the airport. Following the signing off of the Identified Construction
Contract, between the Company and the Consortium of the Constructors, the Greek State applied for the
Cohesion Fund financing. The Company, having fulfilled all the conditions called for by the Cohesion Fund,
was finally financed an amount of €398.124.115.
In accordance with IAS 20, government grants relating to assets are presented in the balance sheet either by
setting up the grants as deferred income or by deducting the grants received, against the acquisition cost
of the pertinent fixed assets. The Company adopted the second method of presentation that is, deducting
the grants from the carrying amount of the assets. For the allocation of the cohesion fund grants received,
refer to notes 4.8 & 4.10.
The cohesion fund grant is amortised using the straight-line method over the useful life of the assets,
which were financed with this grant.
Financial Statements as at 31 December 2008 (Amounts in Euros unless otherwise stated)
