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FINANCIAL STATEMENTS
estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the Currency
in which the benefits will be paid and that have terms to maturity approximating to the terms of the related pension
liability.
Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions in excess of the
greater of 10% of the value of plan assets or 10% of the defined benefit obligation are charged or credited to income
over the employees’ expected average remaining working lives.
Past-service costs are recognised immediately in income, unless the changes to the pension plan are conditional on the
employees remaining in service for a specified period of time (the vesting period). In this case, the past-service costs are
amortised on a straight-line basis over the vesting period.
For defined contribution plans, the Company pays contributions to publicly or privately administered pension insurance plans
on a mandatory, contractual or voluntary basis. The Company has no further payment obligations once the contributions
have been paid. The contributions are recognised as employee benefit expense when they are due. Prepaid contributions
are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available.
b) Other Post-employment Obligations
The Company does not provide any other post-employment benefits to employees upon their retirement. In the event
that the Company decides to provide such benefits at some future date, these will be accounted for in terms of the
pronouncements of IAS 19 “Employee Benefits”.
c) Share-based Compensation
The Company does not provide any share-based compensation to employees. In the event that the Company decides
to provide such benefits at some future date, these will be accounted for in terms of the pronouncements of IFRS 2
“Share-based Payment”.
d) Termination Benefits
Termination benefits are payable when employment is terminated by the Company before the normal retirement date,
or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Company recognises
termination benefits when it is demonstrably committed to either: terminating the employment of current employees
according to a detailed formal plan without possibility of withdrawal; or providing termination benefits as a result of an
offer made to encourage voluntary redundancy. Benefits falling due more than 12 months after the balance sheet date
are discounted to present value.
e) Profit-sharing and Bonus Plan
The Company does not have any profit-sharing plans in place for employees. In respect of bonus plans that exist, the
Company recognises a liability and an expense for bonuses when it is contractually obliged to pay bonuses or where
there is a past practice that has created a constructive obligation.
2.17 Provisions
Provisions are recognised when: the Company has a present legal or constructive obligation as a result of past events;
it is probable that an outflow of resources will be required to settle the obligation; and the amount has been reliably
estimated. Provisions include the obligations under the Service Concession Arrangement to maintain the serviceability
of major infrastructure components, such as runways, taxiways, aprons, etc. which require major overhauls at regular
intervals during the concession period. Provisions are not recognised for future operating losses.
Financial Statements as at 31 December 2009 (Amounts in Euros unless otherwise stated) PAGE 31 OF 69
estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the Currency
in which the benefits will be paid and that have terms to maturity approximating to the terms of the related pension
liability.
Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions in excess of the
greater of 10% of the value of plan assets or 10% of the defined benefit obligation are charged or credited to income
over the employees’ expected average remaining working lives.
Past-service costs are recognised immediately in income, unless the changes to the pension plan are conditional on the
employees remaining in service for a specified period of time (the vesting period). In this case, the past-service costs are
amortised on a straight-line basis over the vesting period.
For defined contribution plans, the Company pays contributions to publicly or privately administered pension insurance plans
on a mandatory, contractual or voluntary basis. The Company has no further payment obligations once the contributions
have been paid. The contributions are recognised as employee benefit expense when they are due. Prepaid contributions
are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available.
b) Other Post-employment Obligations
The Company does not provide any other post-employment benefits to employees upon their retirement. In the event
that the Company decides to provide such benefits at some future date, these will be accounted for in terms of the
pronouncements of IAS 19 “Employee Benefits”.
c) Share-based Compensation
The Company does not provide any share-based compensation to employees. In the event that the Company decides
to provide such benefits at some future date, these will be accounted for in terms of the pronouncements of IFRS 2
“Share-based Payment”.
d) Termination Benefits
Termination benefits are payable when employment is terminated by the Company before the normal retirement date,
or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Company recognises
termination benefits when it is demonstrably committed to either: terminating the employment of current employees
according to a detailed formal plan without possibility of withdrawal; or providing termination benefits as a result of an
offer made to encourage voluntary redundancy. Benefits falling due more than 12 months after the balance sheet date
are discounted to present value.
e) Profit-sharing and Bonus Plan
The Company does not have any profit-sharing plans in place for employees. In respect of bonus plans that exist, the
Company recognises a liability and an expense for bonuses when it is contractually obliged to pay bonuses or where
there is a past practice that has created a constructive obligation.
2.17 Provisions
Provisions are recognised when: the Company has a present legal or constructive obligation as a result of past events;
it is probable that an outflow of resources will be required to settle the obligation; and the amount has been reliably
estimated. Provisions include the obligations under the Service Concession Arrangement to maintain the serviceability
of major infrastructure components, such as runways, taxiways, aprons, etc. which require major overhauls at regular
intervals during the concession period. Provisions are not recognised for future operating losses.
Financial Statements as at 31 December 2009 (Amounts in Euros unless otherwise stated) PAGE 31 OF 69
