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FINANCIAL STATEMENTS
tax audit issues based on estimates of whether additional taxes will arise or tax losses reduced. Where that final tax
outcome of these matters is different from the amounts that were initially recorded, such differences will impact the
current tax, deferred tax and other tax assets and liabilities in the period during which such determination is made.
f) Critical Judgements in Applying Accounting Policies
There were no critical judgements necessary in applying the Company’s accounting policies
2.2 Foreign Currency Translation
a) Functional and Presentation Currency
Items included in the financial statements of the Company are measured using the currency of the primary economic
environment in which the Company operates (‘the functional currency’). The Company’s financial statements are presented
in EURO (€), which is the Company’s functional and presentation currency.
b) Transactions and Balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates
of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the
translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised
in the income statement.
2.3 Property, Plant and Equipment
The items included under the heading “Property, Plant & Equipment” in the accompanying balance sheet are stated at
historical cost less accumulated depreciation and impairment losses. Historical cost includes expenditure that is directly
attributable to the acquisition of the items.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when
it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item
can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance
are charged to the income statement during the financial period in which they are incurred.
Depreciation is calculated using the straight-line method to allocate the cost of the various categories of property, plant
and equipment to their residual values over their estimated useful lives, as follows:
Mechanical Equipment 6-15 years
Vehicles 5-9 years
Fixtures & Equipment 5-6 years
Hardware 3-4 years
Land, buildings, installations, fencing, aircraft ground power system, runways, taxiways, aircraft bridges and aprons held
under the Service Concession Arrangement constitutes the total infrastructure that has been recognised as an intangible
asset (refer to accounting policy 2.4).
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater
than its estimated recoverable amount.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised
within other (losses)/gains – net, in the income statement.
Financial Statements as at 31 December 2009 (Amounts in Euros unless otherwise stated) PAGE 25 OF 69
tax audit issues based on estimates of whether additional taxes will arise or tax losses reduced. Where that final tax
outcome of these matters is different from the amounts that were initially recorded, such differences will impact the
current tax, deferred tax and other tax assets and liabilities in the period during which such determination is made.
f) Critical Judgements in Applying Accounting Policies
There were no critical judgements necessary in applying the Company’s accounting policies
2.2 Foreign Currency Translation
a) Functional and Presentation Currency
Items included in the financial statements of the Company are measured using the currency of the primary economic
environment in which the Company operates (‘the functional currency’). The Company’s financial statements are presented
in EURO (€), which is the Company’s functional and presentation currency.
b) Transactions and Balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates
of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the
translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised
in the income statement.
2.3 Property, Plant and Equipment
The items included under the heading “Property, Plant & Equipment” in the accompanying balance sheet are stated at
historical cost less accumulated depreciation and impairment losses. Historical cost includes expenditure that is directly
attributable to the acquisition of the items.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when
it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item
can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance
are charged to the income statement during the financial period in which they are incurred.
Depreciation is calculated using the straight-line method to allocate the cost of the various categories of property, plant
and equipment to their residual values over their estimated useful lives, as follows:
Mechanical Equipment 6-15 years
Vehicles 5-9 years
Fixtures & Equipment 5-6 years
Hardware 3-4 years
Land, buildings, installations, fencing, aircraft ground power system, runways, taxiways, aircraft bridges and aprons held
under the Service Concession Arrangement constitutes the total infrastructure that has been recognised as an intangible
asset (refer to accounting policy 2.4).
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater
than its estimated recoverable amount.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised
within other (losses)/gains – net, in the income statement.
Financial Statements as at 31 December 2009 (Amounts in Euros unless otherwise stated) PAGE 25 OF 69
