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FINANCIAL STATEMENTS
• IAS 18 “Revenue”
The amendment provides additional guidance regarding the determination as to whether an entity is acting as a
principal or an agent.
• IAS 36 “Impairment of Assets”
The amendment clarifies that the largest cash-generating unit to which goodwill should be allocated for the purposes
of impairment testing is an operating segment as defined by paragraph 5 of IFRS 8 (that is before the aggregation of
segments).
• IAS 38 “Intangible Assets”
The amendments clarify (a) the requirements under IFRS 3 (revised) regarding accounting for intangible assets acquired
in a business combination and (b) the description of valuation techniques commonly used by entities when measuring
the fair value of intangible assets acquired in a business combination that are not traded in active markets.
• IAS 39 “Financial Instruments: Recognition and Measurement”
The amendments relate to (a) clarification on treating loan pre-payment penalties as closely related derivatives, (b)
the scope exemption for business combination contracts and (c) clarification that gains or losses on cash flow hedge
of a forecast transaction should be reclassified from equity to profit or loss in the period in which the hedged forecast
cash flow affects profit or loss.
• IFRIC 9 “Reassessment of Embedded Derivatives” (effective for annual periods beginning on or after 1 July 2009)
The amendment clarifies that IFRIC 9 does not apply to possible reassessment, at the date of acquisition, to embedded
derivatives in contracts acquired in a business combination between entities under common control.
• IFRIC 16 “Hedges of a Net Investment in a Foreign Operation” (effective for annual periods beginning on or after 1
July 2009)
The amendment states that, in a hedge of a net investment in a foreign operation, qualifying hedging instruments
may be held by any entity within the group, including the foreign operation itself, as long as certain requirements are
satisfied.
d) Significant Accounting Estimates and Judgements
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including
expectations of future events that are believed to be reasonable under the circumstances
e) Critical Accounting Estimates and Assumptions
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will by definition,
seldom equal the related actual results. The accounting estimates and assumptions that have a significant risk of causing
a material adjustment to the carrying amounts of assets and liabilities within the next year are disclosed bellow:
The Company is subject to income tax, VAT and other taxes in Greece. Significant judgement is sometimes required in
determining the Company’s tax position for such taxes in certain instances due to the particular tax regime, under the Airport
Development Agreement, applicable to the Company’s operations, which is subject to challenge by the tax authorities
on the grounds of ambiguity or different interpretation with tax laws. The Company recognises liabilities for anticipated
Financial Statements as at 31 December 2009 (Amounts in Euros unless otherwise stated) PAGE 24 OF 69
• IAS 18 “Revenue”
The amendment provides additional guidance regarding the determination as to whether an entity is acting as a
principal or an agent.
• IAS 36 “Impairment of Assets”
The amendment clarifies that the largest cash-generating unit to which goodwill should be allocated for the purposes
of impairment testing is an operating segment as defined by paragraph 5 of IFRS 8 (that is before the aggregation of
segments).
• IAS 38 “Intangible Assets”
The amendments clarify (a) the requirements under IFRS 3 (revised) regarding accounting for intangible assets acquired
in a business combination and (b) the description of valuation techniques commonly used by entities when measuring
the fair value of intangible assets acquired in a business combination that are not traded in active markets.
• IAS 39 “Financial Instruments: Recognition and Measurement”
The amendments relate to (a) clarification on treating loan pre-payment penalties as closely related derivatives, (b)
the scope exemption for business combination contracts and (c) clarification that gains or losses on cash flow hedge
of a forecast transaction should be reclassified from equity to profit or loss in the period in which the hedged forecast
cash flow affects profit or loss.
• IFRIC 9 “Reassessment of Embedded Derivatives” (effective for annual periods beginning on or after 1 July 2009)
The amendment clarifies that IFRIC 9 does not apply to possible reassessment, at the date of acquisition, to embedded
derivatives in contracts acquired in a business combination between entities under common control.
• IFRIC 16 “Hedges of a Net Investment in a Foreign Operation” (effective for annual periods beginning on or after 1
July 2009)
The amendment states that, in a hedge of a net investment in a foreign operation, qualifying hedging instruments
may be held by any entity within the group, including the foreign operation itself, as long as certain requirements are
satisfied.
d) Significant Accounting Estimates and Judgements
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including
expectations of future events that are believed to be reasonable under the circumstances
e) Critical Accounting Estimates and Assumptions
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will by definition,
seldom equal the related actual results. The accounting estimates and assumptions that have a significant risk of causing
a material adjustment to the carrying amounts of assets and liabilities within the next year are disclosed bellow:
The Company is subject to income tax, VAT and other taxes in Greece. Significant judgement is sometimes required in
determining the Company’s tax position for such taxes in certain instances due to the particular tax regime, under the Airport
Development Agreement, applicable to the Company’s operations, which is subject to challenge by the tax authorities
on the grounds of ambiguity or different interpretation with tax laws. The Company recognises liabilities for anticipated
Financial Statements as at 31 December 2009 (Amounts in Euros unless otherwise stated) PAGE 24 OF 69
