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FINANCIAL STATEMENTS
1. Incorporation & Activities of the Company
Athens International Airport S.A. (the Company) is active in the financing, construction and operation of civil airports and
related activities. As a civil airport operator the Company manages the Athens International Airport at Spata, Greece.
The Company is a Societe Anonyme incorporated and domiciled in Greece. The address of its registered office is Spata,
Attica 190 19.
The Company was established on 31 July 1995 by the Greek State & Private Investors for the purpose of the finance,
construction, operation and development of the new international airport at Spata Attica. In exchange for the finance,
construction, operation and development of the airport the Greek State granted the Athens International Airport S.A. a
30 year Concession commencing on 11 June 1996. At the end of the concession arrangement (11 June 2026) the airport
with all usufruct additions will revert to the Greek State, which will enjoy all rights of ownership over these without
payment of any kind and clear of any security, unless the concession arrangement is renewed.
The Airport Development Agreement (ADA) and the Articles of Association of the Company were ratified and put in legal
force with the Law 2338/14/9/1995.
The Company commenced its commercial operations in March 2001 following a construction period of approximately
5 years initiated in September 1996.
The number of permanent staff employed at year-end was 702 employees, compared to 715 employees at the end
of 2008.
2. Significant Accounting Policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies
have been consistently applied to all the years presented.
2.1 Basis of Preparation
The financial statements of the Company have been prepared in accordance with International Financial Reporting
Standards as adopted by the European Union, IFRIC Interpretations and the Companies Act 2190/1920 as applicable
to companies reporting under IFRS. The Company’s financial statements have been prepared under the historical cost
convention, as modified by the revaluation of available for sale of financial assets.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates.
It also requires management to exercise its judgment in the process of applying the Company’s accounting policies.
a) Standards, Amendments and Interpretations effective in 2009
• IFRS 8 “Operating Segments”
This standard supersedes IAS 14, under which segments were identified and reported based on a risk and return
analysis. Under IFRS 8 segments are components of an entity regularly reviewed by the entity’s chief operating decision
maker and are reported in the financial statements based on this internal component classification. The Company is
not obliged to disclose segment information neither under IAS 14 nor under IFRS 8, since its debt or equity instruments
are not publicly traded and it has not filed for issuing any class of instrument in a public market
• IAS 1 (Revised) “ Presentation of Financial Statements”
IAS 1 has been revised to enhance the usefulness of information presented in the financial statements. The revised
standard prohibits the presentation of items of income and expenses (that is ‘non-owner changes in equity’) in the
statement of changes in equity, requiring ‘non-
Financial Statements as at 31 December 2009 (Amounts in Euros unless otherwise stated) PAGE 19 OF 69
1. Incorporation & Activities of the Company
Athens International Airport S.A. (the Company) is active in the financing, construction and operation of civil airports and
related activities. As a civil airport operator the Company manages the Athens International Airport at Spata, Greece.
The Company is a Societe Anonyme incorporated and domiciled in Greece. The address of its registered office is Spata,
Attica 190 19.
The Company was established on 31 July 1995 by the Greek State & Private Investors for the purpose of the finance,
construction, operation and development of the new international airport at Spata Attica. In exchange for the finance,
construction, operation and development of the airport the Greek State granted the Athens International Airport S.A. a
30 year Concession commencing on 11 June 1996. At the end of the concession arrangement (11 June 2026) the airport
with all usufruct additions will revert to the Greek State, which will enjoy all rights of ownership over these without
payment of any kind and clear of any security, unless the concession arrangement is renewed.
The Airport Development Agreement (ADA) and the Articles of Association of the Company were ratified and put in legal
force with the Law 2338/14/9/1995.
The Company commenced its commercial operations in March 2001 following a construction period of approximately
5 years initiated in September 1996.
The number of permanent staff employed at year-end was 702 employees, compared to 715 employees at the end
of 2008.
2. Significant Accounting Policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies
have been consistently applied to all the years presented.
2.1 Basis of Preparation
The financial statements of the Company have been prepared in accordance with International Financial Reporting
Standards as adopted by the European Union, IFRIC Interpretations and the Companies Act 2190/1920 as applicable
to companies reporting under IFRS. The Company’s financial statements have been prepared under the historical cost
convention, as modified by the revaluation of available for sale of financial assets.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates.
It also requires management to exercise its judgment in the process of applying the Company’s accounting policies.
a) Standards, Amendments and Interpretations effective in 2009
• IFRS 8 “Operating Segments”
This standard supersedes IAS 14, under which segments were identified and reported based on a risk and return
analysis. Under IFRS 8 segments are components of an entity regularly reviewed by the entity’s chief operating decision
maker and are reported in the financial statements based on this internal component classification. The Company is
not obliged to disclose segment information neither under IAS 14 nor under IFRS 8, since its debt or equity instruments
are not publicly traded and it has not filed for issuing any class of instrument in a public market
• IAS 1 (Revised) “ Presentation of Financial Statements”
IAS 1 has been revised to enhance the usefulness of information presented in the financial statements. The revised
standard prohibits the presentation of items of income and expenses (that is ‘non-owner changes in equity’) in the
statement of changes in equity, requiring ‘non-
Financial Statements as at 31 December 2009 (Amounts in Euros unless otherwise stated) PAGE 19 OF 69
