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04. FINANCIAL PERFORMANCE
Aeronautical revenues, inclusive of AIA’s share from and real estate revenues grew by 1.1%. The benefit of the
the Airport Development Fund, contribute the most to annual price adjustments of rentals and of the exhibition
business with around 60% of total income. Revenue from centre’s full year operation was partially offset by reduced
airport charges recorded an increase of 2.5%, despite utilities recharges due to lower unit prices. Finally, IT&T
decreasing passengers’ number (overall -1.5%), mainly revenues registered a decline of €2.0 million compared to
as a result of the adjustment of security charge in July the previous year, mainly due to the impact of the special
2009. More specifically, in 2009 AIA’s airport charges project performed in 2008 (implementation of the CUTE
remained unchanged at 2008 levels with the exception system in five Greek regional airports).
of the security charge which increased from €4.11 to Chart 4.2 presents the comparison of AIA’s income streams
€5.0 per departing passenger to recover the additional vs. 2008.
costs due to stricter requirements imposed by EU. AIA’s
share from the Airport Development Fund (ADF) reached Operating Expenses
the level of €69.3 million, showing a decrease of 8.6%.
Apart from the drop in the number of passengers and the Total operating expenses amounted to €141.5 million in
unfavourable passenger traffic mix, this fall in revenue 2009, decreased by 4.9% vs. 2008. The detailed breakdown
was caused by the once-off additional ADF amounts of these operating expenses is as follows: a. The elements
recorded in 2008. that drove operating costs upwards – these were the full
year effect of the outsourcing cost associated with the
Income from non-aeronautical segments reached €169.1 provision of services for PRM passengers as well as with
million, performing overall at prior year’s levels with a the increased requirements for security (EU requirements)
marginal increase of 0.5%. Revenues from ground handling and corrective maintenance (replacement of antiskid
and airside concessions increased by 9.2%. This growth is surface course in two runways), and the extraordinary
mainly attributed to higher cost recovery revenue related contribution decided by the company to the employees
to the provision of assistance services to disabled persons pension programme, b. the benefit in terms of impairment
and persons with reduced mobility (PRM), introduced provisions and the successful implementation of the cost
in September 2008, which, however, had an equivalent saving actions implemented from the beginning of the
increase in the cost side. Revenues from commercial activities year, which not only offset the aforementioned additional
were below 2008 by 2.6%, with the passengers’ decrease requirements, but also provided a reduction of €7.2 million
and the overall challenges in the economic environment in overall operating cost.
affecting sales from terminal stores, especially in Duty Free The 2009 operating expenses breakdown and comparison
and Travel Value units, and advertising revenues. Property against 2008 are presented in Charts 4.3 & 4.4.
Chart 4.2 Chart 4.3
2009 vs. 2008 Revenues 2009 Operating Expense Structure
200.0 176.6 181.1 UTILITIES 7.4% SALARIES & OTHER
180.0 PR & MARKETING EMPLOYEE-RELATED
EXPENSES 33.4%
160.0 2.2%
140.0
€ Million 120.0
100.0 75.8 69.3 70.7 68.9
80.0
60.0 44.6 48.8 39.8 40.2 OTHER
40.0 OPERATING
EXPENSES
10.9%
20.0 11.9 1.2 1.3 OUTSOURCING &
9.9 Other OTHER SERVICES
0.0 08 09 08 09 08 09 08 09 08 09 46.1%
Aeronautical Property 08 09
Charges ADF Ground Handling Consumers
& Airside IT & T
Concessions
A N N U A L R E P O R T 2 0 0 9 19
Aeronautical revenues, inclusive of AIA’s share from and real estate revenues grew by 1.1%. The benefit of the
the Airport Development Fund, contribute the most to annual price adjustments of rentals and of the exhibition
business with around 60% of total income. Revenue from centre’s full year operation was partially offset by reduced
airport charges recorded an increase of 2.5%, despite utilities recharges due to lower unit prices. Finally, IT&T
decreasing passengers’ number (overall -1.5%), mainly revenues registered a decline of €2.0 million compared to
as a result of the adjustment of security charge in July the previous year, mainly due to the impact of the special
2009. More specifically, in 2009 AIA’s airport charges project performed in 2008 (implementation of the CUTE
remained unchanged at 2008 levels with the exception system in five Greek regional airports).
of the security charge which increased from €4.11 to Chart 4.2 presents the comparison of AIA’s income streams
€5.0 per departing passenger to recover the additional vs. 2008.
costs due to stricter requirements imposed by EU. AIA’s
share from the Airport Development Fund (ADF) reached Operating Expenses
the level of €69.3 million, showing a decrease of 8.6%.
Apart from the drop in the number of passengers and the Total operating expenses amounted to €141.5 million in
unfavourable passenger traffic mix, this fall in revenue 2009, decreased by 4.9% vs. 2008. The detailed breakdown
was caused by the once-off additional ADF amounts of these operating expenses is as follows: a. The elements
recorded in 2008. that drove operating costs upwards – these were the full
year effect of the outsourcing cost associated with the
Income from non-aeronautical segments reached €169.1 provision of services for PRM passengers as well as with
million, performing overall at prior year’s levels with a the increased requirements for security (EU requirements)
marginal increase of 0.5%. Revenues from ground handling and corrective maintenance (replacement of antiskid
and airside concessions increased by 9.2%. This growth is surface course in two runways), and the extraordinary
mainly attributed to higher cost recovery revenue related contribution decided by the company to the employees
to the provision of assistance services to disabled persons pension programme, b. the benefit in terms of impairment
and persons with reduced mobility (PRM), introduced provisions and the successful implementation of the cost
in September 2008, which, however, had an equivalent saving actions implemented from the beginning of the
increase in the cost side. Revenues from commercial activities year, which not only offset the aforementioned additional
were below 2008 by 2.6%, with the passengers’ decrease requirements, but also provided a reduction of €7.2 million
and the overall challenges in the economic environment in overall operating cost.
affecting sales from terminal stores, especially in Duty Free The 2009 operating expenses breakdown and comparison
and Travel Value units, and advertising revenues. Property against 2008 are presented in Charts 4.3 & 4.4.
Chart 4.2 Chart 4.3
2009 vs. 2008 Revenues 2009 Operating Expense Structure
200.0 176.6 181.1 UTILITIES 7.4% SALARIES & OTHER
180.0 PR & MARKETING EMPLOYEE-RELATED
EXPENSES 33.4%
160.0 2.2%
140.0
€ Million 120.0
100.0 75.8 69.3 70.7 68.9
80.0
60.0 44.6 48.8 39.8 40.2 OTHER
40.0 OPERATING
EXPENSES
10.9%
20.0 11.9 1.2 1.3 OUTSOURCING &
9.9 Other OTHER SERVICES
0.0 08 09 08 09 08 09 08 09 08 09 46.1%
Aeronautical Property 08 09
Charges ADF Ground Handling Consumers
& Airside IT & T
Concessions
A N N U A L R E P O R T 2 0 0 9 19
