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FINANCIAL STATEMENTS
deposits, bank letter of guarantee and mortgages on aircrafts. The fair value of the collaterals held by the Company as at
31 December 2009 is analysed as follows:
Fair value of collaterals held 2009 2008
Letter of Guarantees 46.949.649 33.078.664
Cash deposits 25.440.124 23.749.243
Mortgage on aircrafts 29.123.282 36.397.931
Total fair value of collaterals held 101.513.055 93.225.838
The collaterals above have been received against the outstanding balance of all trade receivable accounts.
The credit quality of financial assets that are neither past due nor impaired can be assessed by reference to information
about counterparty secured amounts:
2009 2008
Group 1 – Fully secured 15.282.507 14.786.274
Group 2 – Partially secured 11.689.437
Group 3 – Not secured 7.800.989
Total 469.577 66.583
27.441.521
22.653.846
• Trade Receivables
As of 31 December 2009, trade receivables of €4.899.458 (2008: €110.988.918) were impaired and a provision for
impairment loss of €3.938.111 (2008: €93.801.898), was recognized, in accordance with the Company’s accounting policy,
which represents the unsecured portion of the impaired customers’ balance, including the time value of money for specific
trade receivable accounts which are expected to be collected after 1 year from the balance sheet date.
Movements on the provision for impairment of trade receivables are as follows:
2009 2008
At 1 January 93.801.898 69.909.325
(Release) / addition of provision
for receivables impairment (89.863.787) 23.892.573
At 31 December 3.938.111 93.801.898
The creation of provision for impaired receivables has been included in “Impairment losses” in the income statement. The
release of provision for impaired receivables has been included in “Other revenue” in the income statement. The other classes
within trade receivables do not contain impaired assets. The maximum exposure to credit risk at the reporting date is the
gross carrying amount of trade receivables minus the value of the securities which have been received by the customers.
Please refer to note 4.15 for reversal of provision for impairment loss
e) Concentration of Credit Risk
The Company is exposed to concentration risk attributed to the concentration of the trade receivables and cash balances.
Financial Statements as at 31 December 2009 (Amounts in Euros unless otherwise stated) PAGE 36 OF 69
deposits, bank letter of guarantee and mortgages on aircrafts. The fair value of the collaterals held by the Company as at
31 December 2009 is analysed as follows:
Fair value of collaterals held 2009 2008
Letter of Guarantees 46.949.649 33.078.664
Cash deposits 25.440.124 23.749.243
Mortgage on aircrafts 29.123.282 36.397.931
Total fair value of collaterals held 101.513.055 93.225.838
The collaterals above have been received against the outstanding balance of all trade receivable accounts.
The credit quality of financial assets that are neither past due nor impaired can be assessed by reference to information
about counterparty secured amounts:
2009 2008
Group 1 – Fully secured 15.282.507 14.786.274
Group 2 – Partially secured 11.689.437
Group 3 – Not secured 7.800.989
Total 469.577 66.583
27.441.521
22.653.846
• Trade Receivables
As of 31 December 2009, trade receivables of €4.899.458 (2008: €110.988.918) were impaired and a provision for
impairment loss of €3.938.111 (2008: €93.801.898), was recognized, in accordance with the Company’s accounting policy,
which represents the unsecured portion of the impaired customers’ balance, including the time value of money for specific
trade receivable accounts which are expected to be collected after 1 year from the balance sheet date.
Movements on the provision for impairment of trade receivables are as follows:
2009 2008
At 1 January 93.801.898 69.909.325
(Release) / addition of provision
for receivables impairment (89.863.787) 23.892.573
At 31 December 3.938.111 93.801.898
The creation of provision for impaired receivables has been included in “Impairment losses” in the income statement. The
release of provision for impaired receivables has been included in “Other revenue” in the income statement. The other classes
within trade receivables do not contain impaired assets. The maximum exposure to credit risk at the reporting date is the
gross carrying amount of trade receivables minus the value of the securities which have been received by the customers.
Please refer to note 4.15 for reversal of provision for impairment loss
e) Concentration of Credit Risk
The Company is exposed to concentration risk attributed to the concentration of the trade receivables and cash balances.
Financial Statements as at 31 December 2009 (Amounts in Euros unless otherwise stated) PAGE 36 OF 69
