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FINANCIAL STATEMENTS
owner changes in equity’ to be presented separately from owner changes in equity. All ‘non-owner changes in equity’
are required to be shown in a performance statement. Entities can choose whether to present one performance statement
(the statement of comprehensive income) or two statements (the income statement and statement of comprehensive
income). The Company has elected to present two separate statements.
• IFRS 7 (Amendment) “Financial instruments-Disclosures”
The amendment requires enhanced disclosures about fair value measurement and liquidity risk. In particular, the
amendment requires disclosure of fair value measurements by level of a fair value measurement hierarchy. As these
changes only result in additional disclosures, there is no impact on the Company’s financial statements.
• IFRS 2 (Amendment) “Share Based Payment”
The amendment clarifies the definition of “vesting condition” by introducing the term “non-vesting condition” for
conditions other than service conditions and performance conditions. The amendment also clarifies that the same
accounting treatment applies to awards that are effectively cancelled by either the entity or the counterparty. This
amendment does not impact the Company’s financial statements.
• IAS 23 (Revised) “Borrowing Costs”
This standard replaces the previous version of IAS 23. The main change is the removal of the option of immediately
recognising as an expense borrowing costs that relate to assets that need a substantial period of time to get ready for
use or sale. The amendment did not impact the Company’s financial statements.
• IAS 32 (Amendment) “Financial Instruments: Presentation” and IAS 1 (Amendment) “Presentation of Financial Statements”
The amendment to IAS 32 requires certain puttable financial instruments and obligations arising on liquidation to be
classified as equity if certain criteria are met. The amendment to IAS 1 requires disclosure of certain information relating
to puttable instruments classified as equity. This amendment does not impact the Company’s financial statements.
• IAS 39 (Amendment) “ Financial Instruments: Recognition and Measurement”
This amendment clarifies those entities should no longer use hedge accounting for transactions between segments
in their separate financial statements. This amendment is not applicable to the Company as it does not apply hedge
accounting in terms of IAS 39.
• IFRIC 12 - Service Concession Arrangements(EU endorsed for periods beginning 30March 2009)
This interpretation applies to companies that participate in service concession arrangements. This interpretation did
not impact the Company, since its existing Accounting Policy and disclosures for the airport concession already conforms
to the requirements of IFRIC 12.
• IFRIC 13 – Customer Loyalty Programmes
This interpretation clarifies the treatment of entities that grant loyalty award credits such as ‘’points’’ and ‘’travel miles’’
to customers who buy other goods or services. This interpretation is not relevant to the Company’s operations.
• IFRIC 15 – Agreements for the construction of real estate
This interpretation addresses the diversity in accounting for real estate sales. Some entities recognise revenue in accordance
with IAS 18 (i.e. when the risks and rewards in the real estate
Financial Statements as at 31 December 2009 (Amounts in Euros unless otherwise stated) PAGE 20 OF 69
owner changes in equity’ to be presented separately from owner changes in equity. All ‘non-owner changes in equity’
are required to be shown in a performance statement. Entities can choose whether to present one performance statement
(the statement of comprehensive income) or two statements (the income statement and statement of comprehensive
income). The Company has elected to present two separate statements.
• IFRS 7 (Amendment) “Financial instruments-Disclosures”
The amendment requires enhanced disclosures about fair value measurement and liquidity risk. In particular, the
amendment requires disclosure of fair value measurements by level of a fair value measurement hierarchy. As these
changes only result in additional disclosures, there is no impact on the Company’s financial statements.
• IFRS 2 (Amendment) “Share Based Payment”
The amendment clarifies the definition of “vesting condition” by introducing the term “non-vesting condition” for
conditions other than service conditions and performance conditions. The amendment also clarifies that the same
accounting treatment applies to awards that are effectively cancelled by either the entity or the counterparty. This
amendment does not impact the Company’s financial statements.
• IAS 23 (Revised) “Borrowing Costs”
This standard replaces the previous version of IAS 23. The main change is the removal of the option of immediately
recognising as an expense borrowing costs that relate to assets that need a substantial period of time to get ready for
use or sale. The amendment did not impact the Company’s financial statements.
• IAS 32 (Amendment) “Financial Instruments: Presentation” and IAS 1 (Amendment) “Presentation of Financial Statements”
The amendment to IAS 32 requires certain puttable financial instruments and obligations arising on liquidation to be
classified as equity if certain criteria are met. The amendment to IAS 1 requires disclosure of certain information relating
to puttable instruments classified as equity. This amendment does not impact the Company’s financial statements.
• IAS 39 (Amendment) “ Financial Instruments: Recognition and Measurement”
This amendment clarifies those entities should no longer use hedge accounting for transactions between segments
in their separate financial statements. This amendment is not applicable to the Company as it does not apply hedge
accounting in terms of IAS 39.
• IFRIC 12 - Service Concession Arrangements(EU endorsed for periods beginning 30March 2009)
This interpretation applies to companies that participate in service concession arrangements. This interpretation did
not impact the Company, since its existing Accounting Policy and disclosures for the airport concession already conforms
to the requirements of IFRIC 12.
• IFRIC 13 – Customer Loyalty Programmes
This interpretation clarifies the treatment of entities that grant loyalty award credits such as ‘’points’’ and ‘’travel miles’’
to customers who buy other goods or services. This interpretation is not relevant to the Company’s operations.
• IFRIC 15 – Agreements for the construction of real estate
This interpretation addresses the diversity in accounting for real estate sales. Some entities recognise revenue in accordance
with IAS 18 (i.e. when the risks and rewards in the real estate
Financial Statements as at 31 December 2009 (Amounts in Euros unless otherwise stated) PAGE 20 OF 69
