Page 103 - 2board23full
P. 103
FINANCIAL STATEMENTS
On this reservation, the Tax Authority requested the opinion of the Ministry of Economy and Finance, which however
has not yet been given. No details of the possible extent of this contingency is disclosed. No provision has been
recognised, based on Company’s experts’ opinion by reference to the specific legislation governing its tax affairs, since
no significant liability will materialise.
c) On 15 Nov 2009 the Mayor of Peania Municipality requested Company the payment of a total of €37m for the
compensative municipal charges and penalties for the provision for waste, landscaping, cleanliness and lighting
maintenance for the period 1 Jan 2004 to 31 Dec 2009. Management filed a petition with the Administrative Court
of Athens versus the Municipality of Peania, accompanied by corresponding petitions for the deferment of payment,
claiming that in accordance with the provisions of the ADA, AIA has been granted with the exclusive right to provide
such services to airport users. Said deferment of payment has been provisionally granted by order of the competent
judge of the Administrative Court of Athens until the issuance of a Court Decision. No provision has been recognised
based on Company’s experts’ opinion by reference to the specific legislation governing its municipal tax affairs, since
the case will be concluded at its favour.
d) In accordance with the Law 3808/2009 the Greek State imposed a “special once off tax surcharge” on the profits
generated by legal entities in year 2008. The Company was advised by the Tax Authorities that is liable to pay as
special once off tax surcharge an amount of €25m which was higher by €11m than the amount that should be paid in
accordance with the provisions of the law and the tax privileges that has been granted by the ADA. Should Tax
Authorities not modify the assessment of the once off tax surcharge as requested, management will proceed with the
legal actions to remedy the erroneous tax bill. No provision has been recognised based on Company’s experts’ opinion
by reference to the specific legislation governing its tax affairs, since the case will be successfully concluded.
e) There are a number of pending legal lawsuits against the Company amounting to approximately €6,3 million (2008:
€6,3 million) for which management, following consultation with its Legal Counsel, believes that there is sufficient
ground to successfully defend these claims. No provision for these claims has been recognised in these financial
statements on the basis that no material liability is expected to arise.
4.32 Related parties transactions
a) Primary shareholders
The Company is jointly controlled by the Greek State (55% of the shares) and Hochtief Airport Group (40% of the
shares). The remaining amount of shares is at the interest of Copelouzos family members. Refer to note 4.18 for details
concerning the shareholding structure.
The Company has a related party relationship with its primary shareholders, by rendering or receiving services for the
operation of the airport. More specifically, the Company provides either aeronautical or non aeronautical services to
public sector controlled entities and receiving public or private services i.e. fire protection, medical, cleaning services etc.
The significant transactions and balances of the services received or rendered are as follows:
Financial Statements as at 31 December 2009 (Amounts in Euros unless otherwise stated) PAGE 66 OF 69
On this reservation, the Tax Authority requested the opinion of the Ministry of Economy and Finance, which however
has not yet been given. No details of the possible extent of this contingency is disclosed. No provision has been
recognised, based on Company’s experts’ opinion by reference to the specific legislation governing its tax affairs, since
no significant liability will materialise.
c) On 15 Nov 2009 the Mayor of Peania Municipality requested Company the payment of a total of €37m for the
compensative municipal charges and penalties for the provision for waste, landscaping, cleanliness and lighting
maintenance for the period 1 Jan 2004 to 31 Dec 2009. Management filed a petition with the Administrative Court
of Athens versus the Municipality of Peania, accompanied by corresponding petitions for the deferment of payment,
claiming that in accordance with the provisions of the ADA, AIA has been granted with the exclusive right to provide
such services to airport users. Said deferment of payment has been provisionally granted by order of the competent
judge of the Administrative Court of Athens until the issuance of a Court Decision. No provision has been recognised
based on Company’s experts’ opinion by reference to the specific legislation governing its municipal tax affairs, since
the case will be concluded at its favour.
d) In accordance with the Law 3808/2009 the Greek State imposed a “special once off tax surcharge” on the profits
generated by legal entities in year 2008. The Company was advised by the Tax Authorities that is liable to pay as
special once off tax surcharge an amount of €25m which was higher by €11m than the amount that should be paid in
accordance with the provisions of the law and the tax privileges that has been granted by the ADA. Should Tax
Authorities not modify the assessment of the once off tax surcharge as requested, management will proceed with the
legal actions to remedy the erroneous tax bill. No provision has been recognised based on Company’s experts’ opinion
by reference to the specific legislation governing its tax affairs, since the case will be successfully concluded.
e) There are a number of pending legal lawsuits against the Company amounting to approximately €6,3 million (2008:
€6,3 million) for which management, following consultation with its Legal Counsel, believes that there is sufficient
ground to successfully defend these claims. No provision for these claims has been recognised in these financial
statements on the basis that no material liability is expected to arise.
4.32 Related parties transactions
a) Primary shareholders
The Company is jointly controlled by the Greek State (55% of the shares) and Hochtief Airport Group (40% of the
shares). The remaining amount of shares is at the interest of Copelouzos family members. Refer to note 4.18 for details
concerning the shareholding structure.
The Company has a related party relationship with its primary shareholders, by rendering or receiving services for the
operation of the airport. More specifically, the Company provides either aeronautical or non aeronautical services to
public sector controlled entities and receiving public or private services i.e. fire protection, medical, cleaning services etc.
The significant transactions and balances of the services received or rendered are as follows:
Financial Statements as at 31 December 2009 (Amounts in Euros unless otherwise stated) PAGE 66 OF 69
