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FINANCIAL STATEMENTS
million, and the prior year’s retained earnings of €7.8 million, there remains a distributable profit of €180.5 million.
Of this amount, a sum of €168.0 million is proposed by the Board of Directors to be distributed to the shareholders
as dividend.
• The Balance Sheet of December 31st, 2009 reflects Net Assets of €1.56 billion. The value of the Company’s Non-Current
Assets (€1.12 billion) represents 72% of Total Assets, indicating that AIA is a capital intensive company.
• All Fixed Assets are recorded in the Fixed Assets Register and are free of any encumbrances apart from the conditional
assignment of the usufruct extended since 1996 in favour of the Lenders. Fixed Assets were depreciated at rates reflecting
their estimated useful lives and the legal limitations on their use as provided by the ADA. The value of the usufruct of
the land that was assigned by the Greek State for the development and operation of the Airport, the present value of
the grant of rights fee and the value of the intangible assets are equally depreciated over the 25-year concession period.
Investment in Associates consists of €3.25 million and represents the carrying amount of the Company’s participation
in the equity of Athens Airport Fuel Pipeline Company S.A.
• The Company is exposed to financial risk, such as market risk (fluctuations in exchange rates and interest rates and price
risk), credit risk and liquidity risk. The general risk management program of the Company focuses on the unpredictability
of the financial markets, and attempts to minimize their potential negative influence on the financial performance of the
Company. The financial risk management of the Company is performed internally by a qualified Unit, which operates under
specific rules that have been approved by the Board of Directors. Full details of the most significant financial risks which
the Company is exposed to and how these are managed are fully disclosed in note 3 of the Financial Statements.
• Finally, the Company’s Closing Cash position is €243.91 million. The cash surplus is invested in time deposits, in order
to minimise the risk, while increasing investments’ yield. As a result of this investment policy, AIA did not possess any
investments in securities as of December 31st, 2009.
5. 2010 Outlook
The Greek economy is expected to remain in a state of recession throughout 2010, with no quick turnaround expected in
domestic economic activity. The economic conditions are expected to have an effect on Greek residents’ travel demand.
On the other hand, the signs of recovery and exit from the recession apparent in other parts of Europe are expected to
have a positive impact on foreign travellers’ demand.
At the same time, a rationalisation of the seat capacity currently provided by Greek airlines in the domestic market is
expected in 2010. Also, following the 2009 developments in the Greek aviation sector, we can reasonably expect market
share re-adjustments and strategic repositioning from Greek airlines in the next years. The possibility of cooperation
between Olympic and Aegean, which was recently made public, will also have very important effects on traffic -but also
on other areas of AIA’s business.
As a result of the above, the Airport Company projects for 2010 an annual passenger throughput of 15.8 million,
corresponding to estimated operating revenues of €353 million.
In 2010, the Airport Company will undertake a revision of its Business Plan, taking into account all recent developments
in the corporate and wider environment, and focusing on re-affirming the projections for future growth. This business
plan will also examine benefits to the Airport Company and its Shareholders arising from a potential concession period
extension.
Financial Statements as at 31 December 2009 (Amounts in Euros unless otherwise stated) PAGE 11 OF 69
million, and the prior year’s retained earnings of €7.8 million, there remains a distributable profit of €180.5 million.
Of this amount, a sum of €168.0 million is proposed by the Board of Directors to be distributed to the shareholders
as dividend.
• The Balance Sheet of December 31st, 2009 reflects Net Assets of €1.56 billion. The value of the Company’s Non-Current
Assets (€1.12 billion) represents 72% of Total Assets, indicating that AIA is a capital intensive company.
• All Fixed Assets are recorded in the Fixed Assets Register and are free of any encumbrances apart from the conditional
assignment of the usufruct extended since 1996 in favour of the Lenders. Fixed Assets were depreciated at rates reflecting
their estimated useful lives and the legal limitations on their use as provided by the ADA. The value of the usufruct of
the land that was assigned by the Greek State for the development and operation of the Airport, the present value of
the grant of rights fee and the value of the intangible assets are equally depreciated over the 25-year concession period.
Investment in Associates consists of €3.25 million and represents the carrying amount of the Company’s participation
in the equity of Athens Airport Fuel Pipeline Company S.A.
• The Company is exposed to financial risk, such as market risk (fluctuations in exchange rates and interest rates and price
risk), credit risk and liquidity risk. The general risk management program of the Company focuses on the unpredictability
of the financial markets, and attempts to minimize their potential negative influence on the financial performance of the
Company. The financial risk management of the Company is performed internally by a qualified Unit, which operates under
specific rules that have been approved by the Board of Directors. Full details of the most significant financial risks which
the Company is exposed to and how these are managed are fully disclosed in note 3 of the Financial Statements.
• Finally, the Company’s Closing Cash position is €243.91 million. The cash surplus is invested in time deposits, in order
to minimise the risk, while increasing investments’ yield. As a result of this investment policy, AIA did not possess any
investments in securities as of December 31st, 2009.
5. 2010 Outlook
The Greek economy is expected to remain in a state of recession throughout 2010, with no quick turnaround expected in
domestic economic activity. The economic conditions are expected to have an effect on Greek residents’ travel demand.
On the other hand, the signs of recovery and exit from the recession apparent in other parts of Europe are expected to
have a positive impact on foreign travellers’ demand.
At the same time, a rationalisation of the seat capacity currently provided by Greek airlines in the domestic market is
expected in 2010. Also, following the 2009 developments in the Greek aviation sector, we can reasonably expect market
share re-adjustments and strategic repositioning from Greek airlines in the next years. The possibility of cooperation
between Olympic and Aegean, which was recently made public, will also have very important effects on traffic -but also
on other areas of AIA’s business.
As a result of the above, the Airport Company projects for 2010 an annual passenger throughput of 15.8 million,
corresponding to estimated operating revenues of €353 million.
In 2010, the Airport Company will undertake a revision of its Business Plan, taking into account all recent developments
in the corporate and wider environment, and focusing on re-affirming the projections for future growth. This business
plan will also examine benefits to the Airport Company and its Shareholders arising from a potential concession period
extension.
Financial Statements as at 31 December 2009 (Amounts in Euros unless otherwise stated) PAGE 11 OF 69
